| Delaware | 13-2614959 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, $0.01 par value | BK | New York Stock Exchange | ||||||
6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV | BK/P | New York Stock Exchange | ||||||
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation) | ||||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||
| Page | |||||
Consolidated Financial Highlights (unaudited) | |||||
| Part I – Financial Information | |||||
Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk: | |||||
Highlights of second quarter 2024 results | |||||
Supplemental information – Explanation of GAAP and Non-GAAP financial measures | |||||
| Item 1. Financial Statements: | |||||
| Page | |||||
| Notes to Consolidated Financial Statements: | |||||
Note 3—Acquisitions and dispositions | |||||
| Part II – Other Information | |||||
| Quarter ended | Year-to-date | |||||||||||||||||||
| (dollars in millions, except per share amounts and unless otherwise noted) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| Results applicable to common shareholders of The Bank of New York Mellon Corporation: | ||||||||||||||||||||
Net income (a) | $ | 1,143 | $ | 953 | $ | 1,036 | $ | 2,096 | $ | 1,947 | ||||||||||
Basic earnings per share (a) | $ | 1.53 | $ | 1.26 | $ | 1.32 | $ | 2.79 | $ | 2.45 | ||||||||||
Diluted earnings per share (a) | $ | 1.52 | $ | 1.25 | $ | 1.31 | $ | 2.77 | $ | 2.44 | ||||||||||
Fee and other revenue (a) | $ | 3,567 | $ | 3,487 | $ | 3,404 | $ | 7,054 | $ | 6,691 | ||||||||||
| Net interest income | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | |||||||||||||||
Total revenue (a) | $ | 4,597 | $ | 4,527 | $ | 4,504 | $ | 9,124 | $ | 8,919 | ||||||||||
Return on common equity (annualized) (a) | 12.7 | % | 10.7 | % | 11.7 | % | 11.7 | % | 11.0 | % | ||||||||||
Return on tangible common equity (annualized) – Non-GAAP (a)(b) | 24.6 | % | 20.7 | % | 22.8 | % | 22.7 | % | 21.7 | % | ||||||||||
Fee revenue as a percentage of total revenue (a) | 74 | % | 73 | % | 72 | % | 73 | % | 72 | % | ||||||||||
Non-U.S. revenue as a percentage of total revenue (a) | 36 | % | 34 | % | 36 | % | 35 | % | 35 | % | ||||||||||
Pre-tax operating margin (a) | 33 | % | 29 | % | 31 | % | 31 | % | 30 | % | ||||||||||
| Net interest margin | 1.15 | % | 1.19 | % | 1.20 | % | 1.17 | % | 1.25 | % | ||||||||||
Net interest margin on a fully taxable equivalent (“FTE”) basis – Non-GAAP (c) | 1.15 | % | 1.19 | % | 1.20 | % | 1.17 | % | 1.25 | % | ||||||||||
Assets under custody and/or administration (“AUC/A”) at period end (in trillions) (d) | $ | 49.5 | $ | 48.8 | $ | 46.9 | $ | 49.5 | $ | 46.9 | ||||||||||
Assets under management (“AUM”) at period end (in trillions) (e) | $ | 2.05 | $ | 2.02 | $ | 1.91 | $ | 2.05 | $ | 1.91 | ||||||||||
Average common shares and equivalents outstanding (in thousands): | ||||||||||||||||||||
| Basic | 746,904 | 756,937 | 787,718 | 751,961 | 795,512 | |||||||||||||||
| Diluted | 751,596 | 762,268 | 790,725 | 756,870 | 799,157 | |||||||||||||||
| Selected average balances: | ||||||||||||||||||||
| Interest-earning assets | $ | 353,633 | $ | 346,133 | $ | 362,049 | $ | 349,883 | $ | 355,251 | ||||||||||
Total assets (a) | $ | 412,499 | $ | 403,985 | $ | 420,961 | $ | 408,242 | $ | 414,157 | ||||||||||
| Interest-bearing deposits | $ | 235,878 | $ | 228,897 | $ | 215,057 | $ | 232,387 | $ | 209,616 | ||||||||||
| Noninterest-bearing deposits | $ | 48,965 | $ | 49,949 | $ | 62,152 | $ | 49,457 | $ | 65,997 | ||||||||||
| Long-term debt | $ | 31,506 | $ | 31,087 | $ | 31,970 | $ | 31,296 | $ | 31,112 | ||||||||||
| Preferred stock | $ | 4,343 | $ | 4,343 | $ | 4,838 | $ | 4,343 | $ | 4,838 | ||||||||||
Total The Bank of New York Mellon Corporation common shareholders’ equity (a) | $ | 36,044 | $ | 35,905 | $ | 35,655 | $ | 35,975 | $ | 35,569 | ||||||||||
| Other information at period end: | ||||||||||||||||||||
| Cash dividends per common share | $ | 0.42 | $ | 0.42 | $ | 0.37 | $ | 0.84 | $ | 0.74 | ||||||||||
Common dividend payout ratio (a) | 28 | % | 34 | % | 29 | % | 31 | % | 31 | % | ||||||||||
Common dividend yield (annualized) | 2.8 | % | 2.9 | % | 3.3 | % | 2.8 | % | 3.4 | % | ||||||||||
| Closing stock price per common share | $ | 59.89 | $ | 57.62 | $ | 44.52 | $ | 59.89 | $ | 44.52 | ||||||||||
| Market capitalization | $ | 44,196 | $ | 43,089 | $ | 34,671 | $ | 44,196 | $ | 34,671 | ||||||||||
Book value per common share (a) | $ | 49.46 | $ | 48.44 | $ | 46.21 | $ | 49.46 | $ | 46.21 | ||||||||||
Tangible book value per common share – Non-GAAP (a)(b) | $ | 26.19 | $ | 25.44 | $ | 24.03 | $ | 26.19 | $ | 24.03 | ||||||||||
Full-time employees (f) | 52,000 | 52,100 | 53,200 | 52,000 | 53,200 | |||||||||||||||
Common shares outstanding (in thousands) | 737,957 | 747,816 | 778,782 | 737,957 | 778,782 | |||||||||||||||
| Regulatory capital and other ratios | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | ||||||||
| Average liquidity coverage ratio (“LCR”) | 115 | % | 117 | % | 117 | % | |||||
| Average net stable funding ratio (“NSFR”) | 132 | % | 136 | % | 135 | % | |||||
Regulatory capital ratios: (g) | |||||||||||
| Advanced Approaches: | |||||||||||
| Common Equity Tier 1 (“CET1”) ratio | 11.5 | % | 11.1 | % | 11.5 | % | |||||
| Tier 1 capital ratio | 14.2 | 13.7 | 14.2 | ||||||||
| Total capital ratio | 15.0 | 14.5 | 14.9 | ||||||||
| Standardized Approach: | |||||||||||
| CET1 ratio | 11.4 | % | 10.8 | % | 11.9 | % | |||||
| Tier 1 capital ratio | 14.0 | 13.4 | 14.6 | ||||||||
| Total capital ratio | 15.0 | 14.3 | 15.6 | ||||||||
| Tier 1 leverage ratio | 5.8 | % | 5.9 | % | 6.0 | % | |||||
| Supplementary leverage ratio (“SLR”) | 6.8 | 7.0 | 7.3 | ||||||||
| BNY shareholders’ equity to total assets ratio | 9.5 | % | 9.3 | % | 9.9 | % | |||||
| BNY common shareholders’ equity to total assets ratio | 8.5 | 8.3 | 8.9 | ||||||||
| Part I – Financial Information | ||
| Items 2. and 3. Management’s Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk | ||
| Fee and other revenue | YTD24 | ||||||||||||||||||||||||||||
| (dollars in millions, unless otherwise noted) | 2Q24 vs. | vs. | |||||||||||||||||||||||||||
| 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | ||||||||||||||||||||||
| Investment services fees | $ | 2,359 | $ | 2,278 | $ | 2,252 | 4 | % | 5 | % | $ | 4,637 | $ | 4,371 | 6 | % | |||||||||||||
Investment management and performance fees (a) | 761 | 776 | 762 | (2) | — | 1,537 | 1,538 | — | |||||||||||||||||||||
| Foreign exchange revenue | 184 | 152 | 158 | 21 | 16 | 336 | 334 | 1 | |||||||||||||||||||||
| Financing-related fees | 53 | 57 | 50 | (7) | 6 | 110 | 102 | 8 | |||||||||||||||||||||
| Distribution and servicing fees | 41 | 42 | 35 | (2) | 17 | 83 | 68 | 22 | |||||||||||||||||||||
| Total fee revenue | 3,398 | 3,305 | 3,257 | 3 | 4 | 6,703 | 6,413 | 5 | |||||||||||||||||||||
Investment and other revenue (b) | 169 | 182 | 147 | N/M | N/M | 351 | 278 | N/M | |||||||||||||||||||||
Total fee and other revenue (b) | $ | 3,567 | $ | 3,487 | $ | 3,404 | 2 | % | 5 | % | $ | 7,054 | $ | 6,691 | 5 | % | |||||||||||||
| Fee revenue as a percentage of total revenue | 74 | % | 73 | % | 72 | % | 73 | % | 72 | % | |||||||||||||||||||
AUC/A at period end (in trillions) (c) | $ | 49.5 | $ | 48.8 | $ | 46.9 | 1 | % | 6 | % | $ | 49.5 | $ | 46.9 | 6 | % | |||||||||||||
AUM at period end (in billions) (d) | $ | 2,045 | $ | 2,015 | $ | 1,906 | 1 | % | 7 | % | $ | 2,045 | $ | 1,906 | 7 | % | |||||||||||||
| Investment and other revenue | |||||||||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||
| Income from consolidated investment management funds | $ | 8 | $ | 15 | $ | 10 | $ | 23 | $ | 15 | |||||||
Seed capital gains (a) | — | 14 | 7 | 14 | 15 | ||||||||||||
| Other trading revenue | 77 | 69 | 53 | 146 | 98 | ||||||||||||
Renewable energy investments gains (b) | 8 | 6 | 5 | 14 | 25 | ||||||||||||
| Corporate/bank-owned life insurance | 26 | 28 | 23 | 54 | 50 | ||||||||||||
Other investments gains (c) | 30 | 17 | 10 | 47 | 1 | ||||||||||||
| Disposal (losses) | — | — | (1) | — | (2) | ||||||||||||
| Expense reimbursements from joint venture | 30 | 27 | 31 | 57 | 60 | ||||||||||||
| Other income | 7 | 7 | 9 | 14 | 17 | ||||||||||||
| Net securities (losses) | (17) | (1) | — | (18) | (1) | ||||||||||||
Total investment and other revenue (b) | $ | 169 | $ | 182 | $ | 147 | $ | 351 | $ | 278 | |||||||
| Net interest income | YTD24 | ||||||||||||||||||||||||||||
| 2Q24 vs. | vs. | ||||||||||||||||||||||||||||
| (dollars in millions) | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | |||||||||||||||||||||
| Net interest income | $ | 1,030 | $ | 1,040 | $ | 1,100 | (1)% | (6)% | $ | 2,070 | $ | 2,228 | (7)% | ||||||||||||||||
| Add: Tax equivalent adjustment | 1 | — | 1 | N/M | N/M | 1 | 1 | N/M | |||||||||||||||||||||
Net interest income (FTE) – Non-GAAP (a) | $ | 1,031 | $ | 1,040 | $ | 1,101 | (1)% | (6)% | $ | 2,071 | $ | 2,229 | (7)% | ||||||||||||||||
Average interest-earning assets | $ | 353,633 | $ | 346,133 | $ | 362,049 | 2% | (2)% | $ | 349,883 | $ | 355,251 | (2)% | ||||||||||||||||
| Net interest margin | 1.15 | % | 1.19 | % | 1.20 | % | (4) | bps | (5) | bps | 1.17 | % | 1.25 | % | (8) | bps | |||||||||||||
Net interest margin (FTE) – Non-GAAP (a) | 1.15 | % | 1.19 | % | 1.20 | % | (4) | bps | (5) | bps | 1.17 | % | 1.25 | % | (8) | bps | |||||||||||||
| Average balances and interest rates | Quarter ended | ||||||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||
| (dollars in millions; average rates annualized) | Average balance | Interest | Average rates | Average balance | Interest | Average rates | Average balance | Interest | Average rates | ||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits with the Federal Reserve and other central banks | $ | 102,257 | $ | 1,201 | 4.65 | % | $ | 102,795 | $ | 1,219 | 4.69 | % | $ | 114,578 | $ | 1,241 | 4.29 | % | |||||||||||||||||
| Interest-bearing deposits with banks | 11,210 | 110 | 3.91 | 11,724 | 121 | 4.16 | 13,919 | 128 | 3.68 | ||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements (a) | 29,013 | 2,631 | 36.48 | 27,019 | 2,433 | 36.22 | 26,989 | 1,776 | 26.38 | ||||||||||||||||||||||||||
| Loans | 68,283 | 1,119 | 6.58 | 65,844 | 1,061 | 6.48 | 63,459 | 957 | 6.05 | ||||||||||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||||||||
| U.S. government obligations | 28,347 | 269 | 3.82 | 27,242 | 250 | 3.70 | 34,147 | 247 | 2.90 | ||||||||||||||||||||||||||
| U.S. government agency obligations | 62,549 | 515 | 3.29 | 63,135 | 508 | 3.22 | 61,565 | 428 | 2.78 | ||||||||||||||||||||||||||
Other securities (b) | 46,828 | 472 | 4.04 | 43,528 | 435 | 4.01 | 40,989 | 367 | 3.59 | ||||||||||||||||||||||||||
Total investment securities (b) | 137,724 | 1,256 | 3.66 | 133,905 | 1,193 | 3.57 | 136,701 | 1,042 | 3.05 | ||||||||||||||||||||||||||
Trading securities (b) | 5,146 | 76 | 5.89 | 4,846 | 69 | 5.75 | 6,403 | 81 | 5.02 | ||||||||||||||||||||||||||
Total securities (b) | 142,870 | 1,332 | 3.74 | 138,751 | 1,262 | 3.65 | 143,104 | 1,123 | 3.14 | ||||||||||||||||||||||||||
Total interest-earning assets (b) | $ | 353,633 | $ | 6,393 | 7.24 | % | $ | 346,133 | $ | 6,096 | 7.06 | % | $ | 362,049 | $ | 5,225 | 5.77 | % | |||||||||||||||||
| Noninterest-earning assets | 58,866 | 57,852 | 58,912 | ||||||||||||||||||||||||||||||||
| Total assets | $ | 412,499 | $ | 403,985 | $ | 420,961 | |||||||||||||||||||||||||||||
| Liabilities and equity | |||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 235,878 | $ | 2,255 | 3.85 | % | $ | 228,897 | $ | 2,187 | 3.84 | % | $ | 215,057 | $ | 1,739 | 3.24 | % | |||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements (a) | 17,711 | 2,433 | 55.26 | 16,133 | 2,243 | 55.91 | 26,282 | 1,729 | 26.39 | ||||||||||||||||||||||||||
| Trading liabilities | 1,689 | 23 | 5.43 | 1,649 | 21 | 5.11 | 3,893 | 43 | 4.46 | ||||||||||||||||||||||||||
| Other borrowed funds | 351 | 8 | 8.61 | 502 | 4 | 3.47 | 2,702 | 32 | 4.60 | ||||||||||||||||||||||||||
| Commercial paper | 954 | 13 | 5.54 | 8 | — | 5.42 | 5 | — | 5.11 | ||||||||||||||||||||||||||
| Payables to customers and broker-dealers | 12,066 | 161 | 5.35 | 12,420 | 146 | 4.74 | 14,801 | 143 | 3.85 | ||||||||||||||||||||||||||
| Long-term debt | 31,506 | 469 | 5.92 | 31,087 | 455 | 5.82 | 31,970 | 438 | 5.45 | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 300,155 | $ | 5,362 | 7.18 | % | $ | 290,696 | $ | 5,056 | 6.99 | % | $ | 294,710 | $ | 4,124 | 5.61 | % | |||||||||||||||||
| Total noninterest-bearing deposits | 48,965 | 49,949 | 62,152 | ||||||||||||||||||||||||||||||||
| Other noninterest-bearing liabilities | 22,839 | 23,005 | 23,526 | ||||||||||||||||||||||||||||||||
| Total liabilities | 371,959 | 363,650 | 380,388 | ||||||||||||||||||||||||||||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 40,387 | 40,248 | 40,493 | ||||||||||||||||||||||||||||||||
| Noncontrolling interests | 153 | 87 | 80 | ||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 412,499 | $ | 403,985 | $ | 420,961 | |||||||||||||||||||||||||||||
Net interest income (FTE) – Non-GAAP (b)(c) | $ | 1,031 | $ | 1,040 | $ | 1,101 | |||||||||||||||||||||||||||||
Net interest margin (FTE) – Non-GAAP (b)(c) | 1.15 | % | 1.19 | % | 1.20 | % | |||||||||||||||||||||||||||||
| Less: Tax equivalent adjustment | 1 | — | 1 | ||||||||||||||||||||||||||||||||
| Net interest income – GAAP | $ | 1,030 | $ | 1,040 | $ | 1,100 | |||||||||||||||||||||||||||||
| Net interest margin – GAAP | 1.15 | % | 1.19 | % | 1.20 | % | |||||||||||||||||||||||||||||
| Noninterest expense | YTD24 | ||||||||||||||||||||||||||||
| 2Q24 vs. | vs. | ||||||||||||||||||||||||||||
| (dollars in millions) | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | |||||||||||||||||||||
| Staff | $ | 1,720 | $ | 1,857 | $ | 1,718 | (7) | % | — | % | $ | 3,577 | $ | 3,509 | 2 | % | |||||||||||||
| Software and equipment | 476 | 475 | 450 | — | 6 | 951 | 879 | 8 | |||||||||||||||||||||
| Professional, legal and other purchased services | 374 | 349 | 378 | 7 | (1) | 723 | 753 | (4) | |||||||||||||||||||||
| Net occupancy | 134 | 124 | 121 | 8 | 11 | 258 | 240 | 8 | |||||||||||||||||||||
| Sub-custodian and clearing | 134 | 119 | 119 | 13 | 13 | 253 | 237 | 7 | |||||||||||||||||||||
| Distribution and servicing | 88 | 96 | 93 | (8) | (5) | 184 | 178 | 3 | |||||||||||||||||||||
| Business development | 50 | 36 | 47 | 39 | 6 | 86 | 86 | — | |||||||||||||||||||||
| Bank assessment charges | (7) | 17 | 41 | N/M | N/M | 10 | 81 | N/M | |||||||||||||||||||||
| Amortization of intangible assets | 13 | 12 | 14 | 8 | (7) | 25 | 28 | (11) | |||||||||||||||||||||
| Other | 88 | 91 | 130 | (3) | (32) | 179 | 220 | (19) | |||||||||||||||||||||
| Total noninterest expense | $ | 3,070 | $ | 3,176 | $ | 3,111 | (3) | % | (1) | % | $ | 6,246 | $ | 6,211 | 1 | % | |||||||||||||
Full-time employees at period end (a) | 52,000 | 52,100 | 53,200 | — | % | (2) | % | 52,000 | 53,200 | (2) | % | ||||||||||||||||||
| YTD24 | |||||||||||||||||||||||||||||||||||
| (dollars in millions, unless otherwise noted) | 2Q24 vs. | vs. | |||||||||||||||||||||||||||||||||
| 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | ||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| Investment services fees: | |||||||||||||||||||||||||||||||||||
| Asset Servicing | $ | 1,018 | $ | 1,013 | $ | 975 | $ | 976 | $ | 980 | — | % | 4 | % | $ | 2,031 | $ | 1,921 | 6 | % | |||||||||||||||
| Issuer Services | 322 | 261 | 285 | 281 | 319 | 23 | 1 | 583 | 555 | 5 | |||||||||||||||||||||||||
| Total investment services fees | 1,340 | 1,274 | 1,260 | 1,257 | 1,299 | 5 | 3 | 2,614 | 2,476 | 6 | |||||||||||||||||||||||||
| Foreign exchange revenue | 144 | 124 | 118 | 107 | 124 | 16 | 16 | 268 | 263 | 2 | |||||||||||||||||||||||||
Other fees (a) | 56 | 59 | 54 | 52 | 54 | (5) | 4 | 115 | 109 | 6 | |||||||||||||||||||||||||
| Total fee revenue | 1,540 | 1,457 | 1,432 | 1,416 | 1,477 | 6 | 4 | 2,997 | 2,848 | 5 | |||||||||||||||||||||||||
| Investment and other revenue | 104 | 99 | 112 | 65 | 84 | N/M | N/M | 203 | 156 | N/M | |||||||||||||||||||||||||
| Total fee and other revenue | 1,644 | 1,556 | 1,544 | 1,481 | 1,561 | 6 | 5 | 3,200 | 3,004 | 7 | |||||||||||||||||||||||||
| Net interest income | 595 | 583 | 635 | 600 | 668 | 2 | (11) | 1,178 | 1,334 | (12) | |||||||||||||||||||||||||
| Total revenue | 2,239 | 2,139 | 2,179 | 2,081 | 2,229 | 5 | — | 4,378 | 4,338 | 1 | |||||||||||||||||||||||||
| Provision for credit losses | (3) | 11 | 64 | 19 | 16 | N/M | N/M | 8 | 16 | N/M | |||||||||||||||||||||||||
| Noninterest expense (excluding amortization of intangible assets) | 1,547 | 1,530 | 1,645 | 1,590 | 1,560 | 1 | (1) | 3,077 | 3,092 | — | |||||||||||||||||||||||||
| Amortization of intangible assets | 7 | 7 | 8 | 8 | 7 | — | — | 14 | 15 | (7) | |||||||||||||||||||||||||
| Total noninterest expense | 1,554 | 1,537 | 1,653 | 1,598 | 1,567 | 1 | (1) | 3,091 | 3,107 | (1) | |||||||||||||||||||||||||
| Income before income taxes | $ | 688 | $ | 591 | $ | 462 | $ | 464 | $ | 646 | 16 | % | 7 | % | $ | 1,279 | $ | 1,215 | 5 | % | |||||||||||||||
| Pre-tax operating margin | 31 | % | 28 | % | 21 | % | 22 | % | 29 | % | 29 | % | 28 | % | |||||||||||||||||||||
Securities lending revenue (b) | $ | 46 | $ | 46 | $ | 48 | $ | 46 | $ | 47 | — | % | (2) | % | $ | 92 | $ | 95 | (3) | % | |||||||||||||||
Total revenue by line of business: | |||||||||||||||||||||||||||||||||||
| Asset Servicing | $ | 1,687 | $ | 1,668 | $ | 1,675 | $ | 1,585 | $ | 1,695 | 1 | % | — | % | $ | 3,355 | $ | 3,352 | — | % | |||||||||||||||
| Issuer Services | 552 | 471 | 504 | 496 | 534 | 17 | 3 | 1,023 | 986 | 4 | |||||||||||||||||||||||||
| Total revenue by line of business | $ | 2,239 | $ | 2,139 | $ | 2,179 | $ | 2,081 | $ | 2,229 | 5 | % | — | % | $ | 4,378 | $ | 4,338 | 1 | % | |||||||||||||||
Selected average balances: | |||||||||||||||||||||||||||||||||||
| Average loans | $ | 11,103 | $ | 11,204 | $ | 11,366 | $ | 11,236 | $ | 11,283 | (1) | % | (2) | % | $ | 11,154 | $ | 11,112 | — | % | |||||||||||||||
| Average deposits | $ | 178,495 | $ | 174,687 | $ | 171,086 | $ | 162,509 | $ | 172,863 | 2 | % | 3 | % | $ | 176,591 | $ | 170,051 | 4 | % | |||||||||||||||
Selected metrics: | |||||||||||||||||||||||||||||||||||
AUC/A at period end (in trillions) (c) | $ | 35.7 | $ | 35.4 | $ | 34.2 | $ | 32.3 | $ | 33.2 | 1 | % | 8 | % | |||||||||||||||||||||
Market value of securities on loan at period end (in billions) (d) | $ | 481 | $ | 486 | $ | 450 | $ | 406 | $ | 415 | (1) | % | 16 | % | |||||||||||||||||||||
Issuer Services: | |||||||||||||||||||||||||||||||||||
Total debt serviced at period end (in trillions) | $ | 14.1 | $ | 14.0 | $ | 14.0 | $ | 13.8 | $ | 13.8 | 1 | % | 2 | % | |||||||||||||||||||||
| Number of sponsored Depositary Receipts programs at period end | 516 | 527 | 543 | 559 | 564 | (2) | % | (9) | % | ||||||||||||||||||||||||||
| YTD24 | |||||||||||||||||||||||||||||||||||
| (dollars in millions, unless otherwise noted) | 2Q24 vs. | vs. | |||||||||||||||||||||||||||||||||
| 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | ||||||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||||||||||||
| Investment services fees: | |||||||||||||||||||||||||||||||||||
| Pershing | $ | 474 | $ | 482 | $ | 472 | $ | 478 | $ | 466 | (2) | % | 2 | % | $ | 956 | $ | 935 | 2 | % | |||||||||||||||
| Treasury Services | 202 | 184 | 179 | 180 | 183 | 10 | 10 | 386 | 358 | 8 | |||||||||||||||||||||||||
| Clearance and Collateral Management | 338 | 329 | 322 | 305 | 295 | 3 | 15 | 667 | 585 | 14 | |||||||||||||||||||||||||
| Total investment services fees | 1,014 | 995 | 973 | 963 | 944 | 2 | 7 | 2,009 | 1,878 | 7 | |||||||||||||||||||||||||
| Foreign exchange revenue | 23 | 24 | 21 | 21 | 21 | (4) | 10 | 47 | 39 | 21 | |||||||||||||||||||||||||
Other fees (a) | 58 | 58 | 50 | 49 | 52 | — | 12 | 116 | 103 | 13 | |||||||||||||||||||||||||
| Total fee revenue | 1,095 | 1,077 | 1,044 | 1,033 | 1,017 | 2 | 8 | 2,172 | 2,020 | 8 | |||||||||||||||||||||||||
| Investment and other revenue | 23 | 17 | 16 | 16 | 16 | N/M | N/M | 40 | 31 | N/M | |||||||||||||||||||||||||
| Total fee and other revenue | 1,118 | 1,094 | 1,060 | 1,049 | 1,033 | 2 | 8 | 2,212 | 2,051 | 8 | |||||||||||||||||||||||||
| Net interest income | 417 | 423 | 436 | 401 | 420 | (1) | (1) | 840 | 873 | (4) | |||||||||||||||||||||||||
| Total revenue | 1,535 | 1,517 | 1,496 | 1,450 | 1,453 | 1 | 6 | 3,052 | 2,924 | 4 | |||||||||||||||||||||||||
| Provision for credit losses | (2) | 5 | 28 | 6 | 7 | N/M | N/M | 3 | 7 | N/M | |||||||||||||||||||||||||
| Noninterest expense (excluding amortization of intangible assets) | 832 | 833 | 836 | 790 | 792 | — | 5 | 1,665 | 1,573 | 6 | |||||||||||||||||||||||||
| Amortization of intangible assets | 1 | 1 | 1 | 2 | 2 | — | (50) | 2 | 3 | (33) | |||||||||||||||||||||||||
| Total noninterest expense | 833 | 834 | 837 | 792 | 794 | — | 5 | 1,667 | 1,576 | 6 | |||||||||||||||||||||||||
| Income before income taxes | $ | 704 | $ | 678 | $ | 631 | $ | 652 | $ | 652 | 4 | % | 8 | % | $ | 1,382 | $ | 1,341 | 3 | % | |||||||||||||||
| Pre-tax operating margin | 46 | % | 45 | % | 42 | % | 45 | % | 45 | % | 45 | % | 46 | % | |||||||||||||||||||||
Total revenue by line of business: | |||||||||||||||||||||||||||||||||||
| Pershing | $ | 663 | $ | 670 | $ | 669 | $ | 657 | $ | 641 | (1) | % | 3 | % | $ | 1,333 | $ | 1,290 | 3 | % | |||||||||||||||
| Treasury Services | 426 | 416 | 408 | 397 | 413 | 2 | 3 | 842 | 832 | 1 | |||||||||||||||||||||||||
| Clearance and Collateral Management | 446 | 431 | 419 | 396 | 399 | 3 | 12 | 877 | 802 | 9 | |||||||||||||||||||||||||
| Total revenue by line of business | $ | 1,535 | $ | 1,517 | $ | 1,496 | $ | 1,450 | $ | 1,453 | 1 | % | 6 | % | $ | 3,052 | $ | 2,924 | 4 | % | |||||||||||||||
Selected average balances: | |||||||||||||||||||||||||||||||||||
| Average loans | $ | 41,893 | $ | 39,271 | $ | 39,200 | $ | 37,496 | $ | 36,432 | 7 | % | 15 | % | $ | 40,582 | $ | 36,642 | 11 | % | |||||||||||||||
| Average deposits | $ | 91,371 | $ | 89,539 | $ | 87,695 | $ | 84,000 | $ | 85,407 | 2 | % | 7 | % | $ | 90,455 | $ | 85,721 | 6 | % | |||||||||||||||
Selected metrics: | |||||||||||||||||||||||||||||||||||
AUC/A at period end (in trillions) (b) | $ | 13.4 | $ | 13.1 | $ | 13.3 | $ | 13.1 | $ | 13.4 | 2 | % | — | % | |||||||||||||||||||||
Pershing: | |||||||||||||||||||||||||||||||||||
AUC/A at period end (in trillions) | $ | 2.6 | $ | 2.6 | $ | 2.5 | $ | 2.4 | $ | 2.4 | — | % | 8 | % | |||||||||||||||||||||
Net new assets (U.S. platform) (in billions) (c) | $ | (23) | $ | (2) | $ | (4) | $ | 23 | $ | (34) | N/M | N/M | |||||||||||||||||||||||
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands) | 280 | 290 | 229 | 223 | 223 | (3) | % | 26 | % | ||||||||||||||||||||||||||
Average active clearing accounts (in thousands) | 8,057 | 7,991 | 8,012 | 7,979 | 7,946 | 1 | % | 1 | % | ||||||||||||||||||||||||||
Treasury Services: | |||||||||||||||||||||||||||||||||||
| Average daily U.S. dollar payment volumes | 241,253 | 237,124 | 243,005 | 233,620 | 233,931 | 2 | % | 3 | % | ||||||||||||||||||||||||||
Clearance and Collateral Management: | |||||||||||||||||||||||||||||||||||
Average tri-party collateral management balances (in billions) | $ | 5,298 | $ | 5,157 | $ | 5,248 | $ | 5,706 | $ | 6,044 | 3 | % | (12) | % | |||||||||||||||||||||
| AUM trends | 2Q24 vs. | |||||||||||||||||||||||||
| (dollars in billions) | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q24 | 2Q23 | |||||||||||||||||||
AUM by product type: (a) | ||||||||||||||||||||||||||
| Equity | $ | 167 | $ | 168 | $ | 145 | $ | 133 | $ | 145 | (1) | % | 15 | % | ||||||||||||
| Fixed income | 221 | 219 | 205 | 190 | 203 | 1 | 9 | |||||||||||||||||||
| Index | 485 | 474 | 459 | 425 | 440 | 2 | 10 | |||||||||||||||||||
| Liability-driven investments | 598 | 573 | 605 | 534 | 579 | 4 | 3 | |||||||||||||||||||
| Multi-asset and alternative investments | 173 | 174 | 170 | 156 | 162 | (1) | 7 | |||||||||||||||||||
| Cash | 401 | 407 | 390 | 383 | 377 | (1) | 6 | |||||||||||||||||||
| Total AUM | $ | 2,045 | $ | 2,015 | $ | 1,974 | $ | 1,821 | $ | 1,906 | 1 | % | 7 | % | ||||||||||||
Changes in AUM: (a) | ||||||||||||||||||||||||||
| Beginning balance of AUM | $ | 2,015 | $ | 1,974 | $ | 1,821 | $ | 1,906 | $ | 1,908 | ||||||||||||||||
| Net inflows (outflows): | ||||||||||||||||||||||||||
| Long-term strategies: | ||||||||||||||||||||||||||
| Equity | (4) | (4) | (2) | (3) | (3) | |||||||||||||||||||||
| Fixed income | 4 | 12 | 3 | (7) | (4) | |||||||||||||||||||||
| Liability-driven investments | 4 | 13 | 4 | 1 | (3) | |||||||||||||||||||||
| Multi-asset and alternative investments | (2) | (5) | (1) | (4) | (1) | |||||||||||||||||||||
| Total long-term active strategies inflows (outflows) | 2 | 16 | 4 | (13) | (11) | |||||||||||||||||||||
| Index | (4) | (15) | (10) | (2) | 2 | |||||||||||||||||||||
| Total long-term strategies (outflows) inflows | (2) | 1 | (6) | (15) | (9) | |||||||||||||||||||||
| Short-term strategies: | ||||||||||||||||||||||||||
| Cash | (7) | 16 | 7 | 7 | (9) | |||||||||||||||||||||
| Total net (outflows) inflows | (9) | 17 | 1 | (8) | (18) | |||||||||||||||||||||
| Net market impact | 40 | 16 | 122 | (50) | (3) | |||||||||||||||||||||
| Net currency impact | (1) | (10) | 30 | (27) | 19 | |||||||||||||||||||||
| Other | — | 18 | (b) | — | — | — | ||||||||||||||||||||
| Ending balance of AUM | $ | 2,045 | $ | 2,015 | $ | 1,974 | $ | 1,821 | $ | 1,906 | 1 | % | 7 | % | ||||||||||||
Wealth Management client assets (c) | $ | 308 | $ | 309 | $ | 312 | $ | 292 | $ | 286 | — | % | 8 | % | ||||||||||||
| (in millions) | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2Q23 | YTD24 | YTD23 | ||||||||||||||||
| Fee revenue | $ | (4) | $ | (17) | $ | (17) | $ | 6 | $ | (2) | $ | (21) | $ | 1 | |||||||||
Investment and other revenue (a) | 29 | 47 | 38 | 74 | 34 | 76 | 72 | ||||||||||||||||
Total fee and other revenue (a) | 25 | 30 | 21 | 80 | 32 | 55 | 73 | ||||||||||||||||
| Net interest (expense) | (25) | (7) | (15) | (24) | (27) | (32) | (63) | ||||||||||||||||
Total revenue (a) | — | 23 | 6 | 56 | 5 | 23 | 10 | ||||||||||||||||
| Provision for credit losses | 1 | 12 | (6) | (13) | (25) | 13 | 2 | ||||||||||||||||
| Noninterest expense | 15 | 65 | 820 | 24 | 71 | 80 | 112 | ||||||||||||||||
(Loss) income before income taxes (a) | $ | (16) | $ | (54) | $ | (808) | $ | 45 | $ | (41) | $ | (70) | $ | (104) | |||||||||
| Average loans and leases | $ | 1,767 | $ | 1,816 | $ | 1,706 | $ | 1,711 | $ | 1,749 | $ | 1,791 | $ | 1,630 | |||||||||
Critical accounting estimates | Reference | ||||
| Allowance for credit losses | 2023 Annual Report, pages 23-24, and “Allowance for credit losses.” | ||||
| Goodwill and other intangibles | 2023 Annual Report, pages 24-25. Also see below. | ||||
| Litigation and regulatory contingencies | “Legal proceedings” in Note 18 of the Notes to Consolidated Financial Statements. | ||||
Country risk exposure at June 30, 2024 | Interest-bearing deposits | Total exposure | |||||||||||||||||||||||||||||||||
| (in billions) | Central banks | Banks | Lending (a) | Securities (b) | Other (c) | ||||||||||||||||||||||||||||||
| Top 10 country exposure: | |||||||||||||||||||||||||||||||||||
| Germany | $ | 19.3 | $ | 0.6 | $ | 0.8 | $ | 3.8 | $ | 0.3 | $ | 24.8 | |||||||||||||||||||||||
| United Kingdom (“UK”) | 10.5 | 0.4 | 1.4 | 4.0 | 2.5 | 18.8 | |||||||||||||||||||||||||||||
| Belgium | 8.1 | 1.1 | 0.6 | 1.3 | 0.1 | 11.2 | |||||||||||||||||||||||||||||
| Japan | 5.9 | 0.2 | 0.2 | 0.4 | 0.7 | 7.4 | |||||||||||||||||||||||||||||
| Canada | — | 1.8 | 0.1 | 4.0 | 1.3 | 7.2 | |||||||||||||||||||||||||||||
| Luxembourg | 0.1 | 0.3 | 1.4 | 0.1 | 2.0 | 3.9 | |||||||||||||||||||||||||||||
| Netherlands | 1.7 | 0.1 | 0.2 | 1.5 | 0.2 | 3.7 | |||||||||||||||||||||||||||||
| South Korea | 0.1 | — | 2.5 | 0.2 | 0.6 | 3.4 | |||||||||||||||||||||||||||||
| Australia | — | 1.3 | 0.6 | 0.7 | 0.4 | 3.0 | |||||||||||||||||||||||||||||
| Ireland | 0.1 | 0.2 | 0.5 | — | 1.7 | 2.5 | |||||||||||||||||||||||||||||
| Total Top 10 country exposure | $ | 45.8 | $ | 6.0 | $ | 8.3 | $ | 16.0 | $ | 9.8 | $ | 85.9 | (d) | ||||||||||||||||||||||
| Select country exposure: | |||||||||||||||||||||||||||||||||||
| Brazil | $ | — | $ | — | $ | 0.8 | $ | 0.1 | $ | 0.3 | $ | 1.2 | |||||||||||||||||||||||
| Russia | — | 0.5 | (e) | — | — | — | 0.5 | ||||||||||||||||||||||||||||
| Securities portfolio | March 31, 2024 | 2Q24 change in unrealized gain (loss) | June 30, 2024 | Fair value as a % of amortized cost (a) | Unrealized gain (loss) | % Floating rate (b) | Ratings (c) | |||||||||||||||||||||||||||||||||||||||||||
| BBB+/ BBB- | BB+ and lower | |||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in millions) | Fair value | Amortized cost (a) | Fair value | AAA/ AA- | A+/ A- | Not rated | ||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | $ | 41,642 | $ | (74) | $ | 45,135 | $ | 40,898 | 91 | % | $ | (4,237) | 23 | % | 100 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||
| U.S. Treasury | 29,896 | 45 | 29,415 | 28,633 | 97 | (782) | 58 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Non-U.S. government (d) | 26,498 | 18 | 27,431 | 26,866 | 98 | (565) | 35 | 93 | 3 | 3 | 1 | — | ||||||||||||||||||||||||||||||||||||||
| Agency commercial mortgage-backed securities (“MBS”) | 11,083 | 13 | 11,551 | 10,983 | 95 | (568) | 41 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| CLOs | 7,248 | 6 | 7,338 | 7,354 | 100 | 16 | 100 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign covered bonds (e) | 7,259 | 11 | 7,484 | 7,334 | 98 | (150) | 46 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| U.S. government agencies | 6,607 | 11 | 6,819 | 6,406 | 94 | (413) | 32 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Non-agency commercial MBS | 3,009 | 7 | 3,096 | 2,893 | 93 | (203) | 49 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Non-agency RMBS | 1,727 | (3) | 1,822 | 1,670 | 92 | (152) | 42 | 86 | 2 | — | 6 | 6 | ||||||||||||||||||||||||||||||||||||||
| Other asset-backed securities (“ABS”) | 899 | 8 | 892 | 823 | 92 | (69) | 13 | 100 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Other | 11 | — | 12 | 11 | 91 | (1) | — | — | — | — | — | 100 | ||||||||||||||||||||||||||||||||||||||
| Total securities | $ | 135,879 | (f) | $ | 42 | $ | 140,995 | $ | 133,871 | (f) | 95 | % | $ | (7,124) | (f)(g) | 40 | % | 98 | % | 1 | % | 1 | % | — | % | — | % | |||||||||||||||||||||||
Amortizable purchase premium (net of discount) and net amortization of securities (a) | |||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | ||||||||
| Amortizable purchase premium, net of discount | $ | 344 | $ | 419 | $ | 1,028 | |||||
Net amortization (b) | $ | 9 | $ | 19 | $ | 42 | |||||
| Total exposure – consolidated | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||
| (in billions) | Loans | Unfunded commitments | Total exposure | Loans | Unfunded commitments | Total exposure | |||||||||||||||||
| Financial institutions | $ | 12.2 | $ | 32.4 | $ | 44.6 | $ | 10.5 | $ | 29.2 | $ | 39.7 | |||||||||||
| Commercial | 2.2 | 12.0 | 14.2 | 2.1 | 11.4 | 13.5 | |||||||||||||||||
| Wealth management loans | 8.8 | 0.5 | 9.3 | 9.1 | 0.5 | 9.6 | |||||||||||||||||
| Wealth management mortgages | 9.0 | 0.2 | 9.2 | 9.1 | 0.3 | 9.4 | |||||||||||||||||
| Commercial real estate | 6.9 | 3.2 | 10.1 | 6.8 | 3.4 | 10.2 | |||||||||||||||||
| Lease financings | 0.6 | — | 0.6 | 0.6 | — | 0.6 | |||||||||||||||||
| Other residential mortgages | 1.1 | — | 1.1 | 1.2 | — | 1.2 | |||||||||||||||||
| Overdrafts | 3.2 | — | 3.2 | 3.1 | — | 3.1 | |||||||||||||||||
| Capital call financing | 4.1 | 3.6 | 7.7 | 3.7 | 3.6 | 7.3 | |||||||||||||||||
| Other | 2.9 | — | 2.9 | 2.7 | — | 2.7 | |||||||||||||||||
| Margin loans | 19.6 | — | 19.6 | 18.0 | — | 18.0 | |||||||||||||||||
| Total | $ | 70.6 | $ | 51.9 | $ | 122.5 | $ | 66.9 | $ | 48.4 | $ | 115.3 | |||||||||||
Financial institutions portfolio exposure (dollars in billions) | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||||||||
Loans | Unfunded commitments | Total exposure | % Inv. grade | % due <1 yr. | Loans | Unfunded commitments | Total exposure | ||||||||||||||||||||||
| Securities industry | $ | 2.4 | $ | 17.8 | $ | 20.2 | 99 | % | 99 | % | $ | 2.3 | $ | 14.8 | $ | 17.1 | |||||||||||||
| Asset managers | 1.6 | 8.2 | 9.8 | 95 | 77 | 1.4 | 8.0 | 9.4 | |||||||||||||||||||||
| Banks | 7.9 | 1.4 | 9.3 | 89 | 94 | 6.4 | 1.4 | 7.8 | |||||||||||||||||||||
| Insurance | 0.1 | 4.1 | 4.2 | 100 | 17 | 0.1 | 3.9 | 4.0 | |||||||||||||||||||||
| Government | — | 0.3 | 0.3 | 100 | 63 | — | 0.2 | 0.2 | |||||||||||||||||||||
| Other | 0.2 | 0.6 | 0.8 | 98 | 51 | 0.3 | 0.9 | 1.2 | |||||||||||||||||||||
| Total | $ | 12.2 | $ | 32.4 | $ | 44.6 | 97 | % | 84 | % | $ | 10.5 | $ | 29.2 | $ | 39.7 | |||||||||||||
| Commercial portfolio exposure | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||||||||
(dollars in billions) | Loans | Unfunded commitments | Total exposure | % Inv. grade | % due <1 yr. | Loans | Unfunded commitments | Total exposure | |||||||||||||||||||||
| Services and other | $ | 1.4 | $ | 3.6 | $ | 5.0 | 98 | % | 36 | % | $ | 1.2 | $ | 3.4 | $ | 4.6 | |||||||||||||
| Manufacturing | 0.6 | 3.7 | 4.3 | 100 | 23 | 0.5 | 3.6 | 4.1 | |||||||||||||||||||||
| Energy and utilities | 0.2 | 4.0 | 4.2 | 92 | 13 | 0.4 | 3.7 | 4.1 | |||||||||||||||||||||
| Media and telecom | — | 0.7 | 0.7 | 79 | 3 | — | 0.7 | 0.7 | |||||||||||||||||||||
| Total | $ | 2.2 | $ | 12.0 | $ | 14.2 | 96 | % | 23 | % | $ | 2.1 | $ | 11.4 | $ | 13.5 | |||||||||||||
Composition of commercial real estate portfolio by asset class | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||
| Total exposure | Percentage secured (a) | Total exposure | Percentage secured (a) | ||||||||||||||
(in billions) | |||||||||||||||||
| Residential | $ | 4.2 | 87 | % | $ | 4.3 | 88 | % | |||||||||
| Office | 2.5 | 74 | 2.6 | 74 | |||||||||||||
| Retail | 0.8 | 62 | 0.8 | 63 | |||||||||||||
| Mixed use | 0.8 | 33 | 0.8 | 31 | |||||||||||||
| Hotels | 0.6 | 43 | 0.6 | 40 | |||||||||||||
| Healthcare | 0.6 | 49 | 0.5 | 57 | |||||||||||||
| Other | 0.6 | 64 | 0.6 | 71 | |||||||||||||
| Total commercial real estate | $ | 10.1 | 71 | % | $ | 10.2 | 73 | % | |||||||||
| Allowance for credit losses activity | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | June 30, 2023 | ||||||||||
| (dollars in millions) | ||||||||||||||
| Beginning balance of allowance for credit losses | $ | 440 | $ | 414 | $ | 325 | $ | 320 | ||||||
| Provision for credit losses | — | 27 | 84 | 5 | ||||||||||
| Net (charge-offs) recoveries: | ||||||||||||||
| Loans: | ||||||||||||||
| Commercial real estate | (43) | — | — | — | ||||||||||
| Other residential mortgages | — | — | — | (1) | ||||||||||
| Wealth management mortgages | — | (1) | — | — | ||||||||||
| Other | — | — | 5 | — | ||||||||||
| Other financial instruments | (1) | — | — | (1) | ||||||||||
| Net (charge-offs) recoveries | (44) | (1) | 5 | (2) | ||||||||||
| Ending balance of allowance for credit losses | $ | 396 | $ | 440 | $ | 414 | $ | 323 | ||||||
| Allowance for loan losses | $ | 286 | $ | 322 | $ | 303 | $ | 191 | ||||||
Allowance for lending-related commitments | 73 | 81 | 87 | 91 | ||||||||||
Allowance for other financial instruments (a) | 37 | 37 | 24 | 41 | ||||||||||
| Total allowance for credit losses | $ | 396 | $ | 440 | $ | 414 | $ | 323 | ||||||
| Total loans, at period end | $ | 70,642 | $ | 73,615 | $ | 66,879 | $ | 64,469 | ||||||
Allowance for loan losses as a percentage of total loans | 0.40 | % | 0.44 | % | 0.45 | % | 0.30 | % | ||||||
| Allowance for loan losses and lending-related commitments as a percentage of total loans | 0.51 | % | 0.55 | % | 0.58 | % | 0.44 | % | ||||||
Allocation of allowance for loan losses and lending-related commitments (a) | June 30, 2024 (b) | March 31, 2024 | Dec. 31, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||
| (dollars in millions) | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||
| Commercial real estate | $ | 298 | 83 | % | $ | 347 | 86 | % | $ | 325 | 83 | % | $ | 199 | 71 | % | |||||||||||||||||||
| Commercial | 27 | 7 | 24 | 6 | 27 | 7 | 21 | 7 | |||||||||||||||||||||||||||
| Financial institutions | 21 | 6 | 17 | 4 | 19 | 4 | 32 | 11 | |||||||||||||||||||||||||||
| Wealth management mortgages | 6 | 1 | 7 | 1 | 9 | 2 | 15 | 5 | |||||||||||||||||||||||||||
| Capital call financing | 3 | 1 | 4 | 1 | 4 | 1 | 4 | 1 | |||||||||||||||||||||||||||
| Other residential mortgages | 3 | 1 | 3 | 1 | 4 | 1 | 9 | 3 | |||||||||||||||||||||||||||
| Wealth management loans | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||
| Lease financings | — | — | — | — | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||
| Total | $ | 359 | 100 | % | $ | 403 | 100 | % | $ | 390 | 100 | % | $ | 282 | 100 | % | |||||||||||||||||||
| Nonperforming assets | June 30, 2024 | Dec. 31, 2023 | ||||||
| (dollars in millions) | ||||||||
| Nonperforming loans: | ||||||||
| Commercial real estate | $ | 185 | $ | 189 | ||||
| Other residential mortgages | 21 | 24 | ||||||
| Wealth management mortgages | 20 | 19 | ||||||
| Total nonperforming loans | 226 | 232 | ||||||
| Other assets owned | 1 | 5 | ||||||
| Total nonperforming assets | $ | 227 | $ | 237 | ||||
| Nonperforming assets ratio | 0.32 | % | 0.35 | % | ||||
| Allowance for loan losses/nonperforming loans | 126.5 | 130.6 | ||||||
| Allowance for loan losses/nonperforming assets | 126.0 | 127.8 | ||||||
| Allowance for loan losses and lending-related commitments/nonperforming loans | 158.8 | 168.1 | ||||||
| Allowance for loan losses and lending-related commitments/nonperforming assets | 158.1 | 164.6 | ||||||
| Available funds | June 30, 2024 | Dec. 31, 2023 | Average | ||||||||||||||||||||
| (dollars in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||||||||
| Cash and due from banks | $ | 5,311 | $ | 4,922 | $ | 5,556 | $ | 5,480 | $ | 5,295 | $ | 5,518 | $ | 5,495 | |||||||||
| Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | 111,550 | 102,257 | 102,795 | 114,578 | 102,526 | 104,793 | ||||||||||||||||
| Interest-bearing deposits with banks | 11,488 | 12,139 | 11,210 | 11,724 | 13,919 | 11,467 | 15,065 | ||||||||||||||||
| Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 | 29,013 | 27,019 | 26,989 | 28,016 | 25,817 | ||||||||||||||||
| Total available funds | $ | 162,661 | $ | 157,511 | $ | 148,036 | $ | 147,018 | $ | 160,781 | $ | 147,527 | $ | 151,170 | |||||||||
| Total available funds as a percentage of total assets | 38 | % | 38 | % | 36 | % | 36 | % | 38 | % | 36 | % | 37 | % | |||||||||
Credit ratings at June 30, 2024 | |||||||||||||||||||||||
| Moody’s | S&P | Fitch | DBRS | ||||||||||||||||||||
| Parent: | |||||||||||||||||||||||
| Long-term senior debt | A1 | A | AA- | AA | |||||||||||||||||||
| Subordinated debt | A2 | A- | A | AA (low) | |||||||||||||||||||
| Preferred stock | Baa1 | BBB | BBB+ | A | |||||||||||||||||||
| Outlook – Parent | Positive | Stable | Stable | Stable | |||||||||||||||||||
| The Bank of New York Mellon: | |||||||||||||||||||||||
| Long-term senior debt | Aa2 | AA- | AA | AA (high) | |||||||||||||||||||
| Subordinated debt | NR | A | NR | NR | |||||||||||||||||||
| Long-term deposits | Aa1 | AA- | AA+ | AA (high) | |||||||||||||||||||
| Short-term deposits | P-1 | A-1+ | F1+ | R-1 (high) | |||||||||||||||||||
| Commercial paper | P-1 | A-1+ | F1+ | R-1 (high) | |||||||||||||||||||
| BNY Mellon, N.A.: | |||||||||||||||||||||||
| Long-term senior debt | Aa2 | (a) | AA- | AA | (a) | AA (high) | |||||||||||||||||
| Long-term deposits | Aa1 | AA- | AA+ | AA (high) | |||||||||||||||||||
| Short-term deposits | P-1 | A-1+ | F1+ | R-1 (high) | |||||||||||||||||||
| Outlook – Banks | Negative (multiple) | (b) | Stable | Stable | Stable | ||||||||||||||||||
| Consolidated HQLA and LCR | June 30, 2024 | March 31, 2024 | ||||||
| (dollars in billions) | ||||||||
Cash (a) | $ | 116 | $ | 119 | ||||
Securities (b) | 90 | 93 | ||||||
Total consolidated HQLA (c) | $ | 206 | $ | 212 | ||||
Total consolidated HQLA – average (c) | $ | 193 | $ | 192 | ||||
| Average consolidated LCR | 115 | % | 117 | % | ||||
| Capital data | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | ||||||||
| (dollars in millions, except per share amounts; common shares in thousands) | |||||||||||
| BNY shareholders’ equity to total assets ratio | 9.5 | % | 9.3 | % | 9.9 | % | |||||
| BNY common shareholders’ equity to total assets ratio | 8.5 | % | 8.3 | % | 8.9 | % | |||||
| Total BNY shareholders’ equity | $ | 40,843 | $ | 40,569 | $ | 40,770 | |||||
| Total BNY common shareholders’ equity | $ | 36,500 | $ | 36,226 | $ | 36,427 | |||||
BNY tangible common shareholders’ equity – Non-GAAP (a) | $ | 19,325 | $ | 19,023 | $ | 19,174 | |||||
| Book value per common share | $ | 49.46 | $ | 48.44 | $ | 47.97 | |||||
Tangible book value per common share – Non-GAAP (a) | $ | 26.19 | $ | 25.44 | $ | 25.25 | |||||
| Closing stock price per common share | $ | 59.89 | $ | 57.62 | $ | 52.05 | |||||
| Market capitalization | $ | 44,196 | $ | 43,089 | $ | 39,524 | |||||
| Common shares outstanding | 737,957 | 747,816 | 759,344 | ||||||||
| Quarterly: | |||||||||||
| Cash dividends per common share | $ | 0.42 | $ | 0.42 | $ | 0.42 | |||||
| Common dividend payout ratio | 28 | % | 34 | % | 202 | % | |||||
Common dividend yield (annualized) | 2.8 | % | 2.9 | % | 3.2 | % | |||||
Consolidated and largest bank subsidiary regulatory capital ratios | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | ||||||||||||||||||||||||||
| Well capitalized | Minimum required | Capital ratios | Capital ratios | Capital ratios | |||||||||||||||||||||||||
| (a) | |||||||||||||||||||||||||||||
Consolidated regulatory capital ratios: (b) | |||||||||||||||||||||||||||||
| Advanced Approaches: | |||||||||||||||||||||||||||||
| CET1 ratio | N/A | (c) | 8.5 | % | 11.5 | % | 11.1 | % | 11.5 | % | |||||||||||||||||||
| Tier 1 capital ratio | 6 | % | 10 | 14.2 | 13.7 | 14.2 | |||||||||||||||||||||||
| Total capital ratio | 10 | 12 | 15.0 | 14.5 | 14.9 | ||||||||||||||||||||||||
| Standardized Approach: | |||||||||||||||||||||||||||||
| CET1 ratio | N/A | (c) | 8.5 | % | 11.4 | % | 10.8 | % | 11.9 | % | |||||||||||||||||||
| Tier 1 capital ratio | 6 | % | 10 | 14.0 | 13.4 | 14.6 | |||||||||||||||||||||||
| Total capital ratio | 10 | 12 | 15.0 | 14.3 | 15.6 | ||||||||||||||||||||||||
| Tier 1 leverage ratio | N/A | (c) | 4 | 5.8 | 5.9 | 6.0 | |||||||||||||||||||||||
SLR (d) | N/A | (c) | 5 | 6.8 | 7.0 | 7.3 | |||||||||||||||||||||||
The Bank of New York Mellon regulatory capital ratios: (b) | |||||||||||||||||||||||||||||
| CET1 ratio | 6.5 | % | 7 | % | 16.1 | % | 15.7 | % | 16.2 | % | |||||||||||||||||||
| Tier 1 capital ratio | 8 | 8.5 | 16.1 | 15.7 | 16.2 | ||||||||||||||||||||||||
| Total capital ratio | 10 | 10.5 | 16.2 | 16.0 | 16.3 | ||||||||||||||||||||||||
| Tier 1 leverage ratio | 5 | 4 | 6.4 | 6.5 | 6.6 | ||||||||||||||||||||||||
SLR (d) | 6 | 3 | 7.9 | 8.2 | 8.5 | ||||||||||||||||||||||||
| Capital components and risk-weighted assets | |||||||||||
| June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | |||||||||
| (in millions) | |||||||||||
| CET1: | |||||||||||
| Common shareholders’ equity | $ | 36,500 | $ | 36,226 | $ | 36,427 | |||||
| Adjustments for: | |||||||||||
Goodwill and intangible assets (a) | (17,175) | (17,203) | (17,253) | ||||||||
| Net pension fund assets | (311) | (302) | (297) | ||||||||
| Embedded goodwill | (267) | (269) | (275) | ||||||||
| Deferred tax assets | (66) | (61) | (62) | ||||||||
| Other | (10) | (8) | (6) | ||||||||
| Total CET1 | 18,671 | 18,383 | 18,534 | ||||||||
| Other Tier 1 capital: | |||||||||||
| Preferred stock | 4,343 | 4,343 | 4,343 | ||||||||
| Other | (8) | (3) | (14) | ||||||||
| Total Tier 1 capital | $ | 23,006 | $ | 22,723 | $ | 22,863 | |||||
| Tier 2 capital: | |||||||||||
| Subordinated debt | $ | 1,148 | $ | 1,148 | $ | 1,148 | |||||
| Allowance for credit losses | 390 | 440 | 414 | ||||||||
| Other | (6) | (1) | (11) | ||||||||
| Total Tier 2 capital – Standardized Approach | 1,532 | 1,587 | 1,551 | ||||||||
| Excess of expected credit losses | 53 | 70 | 85 | ||||||||
| Less: Allowance for credit losses | 390 | 440 | 414 | ||||||||
| Total Tier 2 capital – Advanced Approaches | $ | 1,195 | $ | 1,217 | $ | 1,222 | |||||
| Total capital: | |||||||||||
| Standardized Approach | $ | 24,538 | $ | 24,310 | $ | 24,414 | |||||
| Advanced Approaches | $ | 24,201 | $ | 23,940 | $ | 24,085 | |||||
| Risk-weighted assets: | |||||||||||
| Standardized Approach | $ | 164,094 | $ | 169,909 | $ | 156,178 | |||||
| Advanced Approaches: | |||||||||||
| Credit Risk | $ | 92,837 | $ | 91,980 | $ | 87,223 | |||||
| Market Risk | 3,291 | 3,208 | 3,380 | ||||||||
| Operational Risk | 65,650 | 70,475 | 70,925 | ||||||||
| Total Advanced Approaches | $ | 161,778 | $ | 165,663 | $ | 161,528 | |||||
| Average assets for Tier 1 leverage ratio | $ | 394,672 | $ | 386,148 | $ | 383,705 | |||||
| Total leverage exposure for SLR | $ | 336,971 | $ | 325,801 | $ | 313,555 | |||||
| CET1 generation | 2Q24 | ||||
| (in millions) | |||||
| CET1 – Beginning of period | $ | 18,383 | |||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 1,143 | ||||
| Goodwill and intangible assets, net of related deferred tax liabilities | 28 | ||||
| Gross CET1 generated | 1,171 | ||||
| Capital returned: | |||||
| Common stock repurchases | (601) | ||||
Common stock dividends (a) | (322) | ||||
| Total capital returned | (923) | ||||
| Other comprehensive gain (loss): | |||||
| Unrealized gain on assets available-for-sale | 2 | ||||
| Foreign currency translation | (30) | ||||
| Unrealized gain on cash flow hedges | 1 | ||||
| Defined benefit plans | 3 | ||||
| Total other comprehensive (loss) | (24) | ||||
Additional paid-in capital (b) | 84 | ||||
| Other additions (deductions): | |||||
| Net pension fund assets | (9) | ||||
| Embedded goodwill | 2 | ||||
| Deferred tax assets | (5) | ||||
| Other | (8) | ||||
| Total other (deductions) | (20) | ||||
| Net CET1 generated | 288 | ||||
| CET1 – End of period | $ | 18,671 | |||
As a % of RWAs (a) | As a % of total leverage exposure | |||||||
| Eligible external TLAC ratios | Regulatory minimum of 18% plus a buffer (b) equal to the sum of 2.5%, the method 1 G-SIB surcharge (currently 1%), and the countercyclical capital buffer, if any | Regulatory minimum of 7.5% plus a buffer (c) equal to 2% | ||||||
| Eligible external LTD ratios | Regulatory minimum of 6% plus the greater of the method 1 or method 2 G-SIB surcharge (currently 1.5%) | 4.5% | ||||||
| TLAC and LTD ratios | June 30, 2024 | ||||||||||
| Minimum required | Minimum ratios with buffers | ||||||||||
| Ratios | |||||||||||
| Eligible external TLAC: | |||||||||||
As a percentage of RWA | 18.0 | % | 21.5 | % | 29.1 | % | |||||
As a percentage of total leverage exposure | 7.5 | % | 9.5 | % | 14.2 | % | |||||
| Eligible external LTD: | |||||||||||
| As a percentage of RWA | 7.5 | % | N/A | 14.5 | % | ||||||
As a percentage of total leverage exposure | 4.5 | % | N/A | 7.1 | % | ||||||
VaR (a) | 2Q24 | June 30, 2024 | ||||||||||||
| (in millions) | Average | Minimum | Maximum | |||||||||||
| Interest rate | $ | 2.5 | $ | 2.0 | $ | 3.8 | $ | 2.1 | ||||||
| Foreign exchange | 2.2 | 1.6 | 2.9 | 1.9 | ||||||||||
| Equity | 0.1 | — | 0.2 | 0.1 | ||||||||||
| Credit | 1.4 | 0.9 | 1.8 | 1.1 | ||||||||||
| Diversification | (4.2) | N/M | N/M | (3.6) | ||||||||||
| Overall portfolio | 2.0 | 1.5 | 2.9 | 1.6 | ||||||||||
VaR (a) | 1Q24 | March 31, 2024 | ||||||||||||
| (in millions) | Average | Minimum | Maximum | |||||||||||
| Interest rate | $ | 2.5 | $ | 1.9 | $ | 3.6 | $ | 2.0 | ||||||
| Foreign exchange | 2.2 | 1.6 | 3.0 | 1.9 | ||||||||||
| Equity | 0.1 | — | 0.2 | 0.1 | ||||||||||
| Credit | 1.3 | 0.9 | 1.9 | 1.2 | ||||||||||
| Diversification | (4.3) | N/M | N/M | (3.5) | ||||||||||
| Overall portfolio | 1.8 | 1.4 | 2.4 | 1.7 | ||||||||||
VaR (a) | 2Q23 | June 30, 2023 | ||||||||||||
| (in millions) | Average | Minimum | Maximum | |||||||||||
| Interest rate | $ | 3.1 | $ | 2.0 | $ | 5.1 | $ | 2.6 | ||||||
| Foreign exchange | 3.0 | 2.0 | 4.5 | 2.3 | ||||||||||
| Equity | 0.1 | — | 0.3 | 0.1 | ||||||||||
| Credit | 1.4 | 1.0 | 2.0 | 1.3 | ||||||||||
| Diversification | (4.6) | N/M | N/M | (4.0) | ||||||||||
| Overall portfolio | 3.0 | 1.8 | 4.9 | 2.3 | ||||||||||
VaR (a) | YTD24 | ||||||||||
| (in millions) | Average | Minimum | Maximum | ||||||||
| Interest rate | $ | 2.5 | $ | 1.9 | $ | 3.8 | |||||
| Foreign exchange | 2.2 | 1.6 | 3.0 | ||||||||
| Equity | 0.1 | — | 0.2 | ||||||||
| Credit | 1.3 | 0.9 | 1.9 | ||||||||
| Diversification | (4.2) | N/M | N/M | ||||||||
| Overall portfolio | 1.9 | 1.4 | 2.9 | ||||||||
VaR (a) | YTD23 | ||||||||||
| (in millions) | Average | Minimum | Maximum | ||||||||
| Interest rate | $ | 3.4 | $ | 2.0 | $ | 7.6 | |||||
| Foreign exchange | 3.3 | 2.0 | 5.7 | ||||||||
| Equity | 0.1 | — | 0.3 | ||||||||
| Credit | 1.6 | 0.7 | 3.5 | ||||||||
| Diversification | (4.9) | N/M | N/M | ||||||||
| Overall portfolio | 3.5 | 1.8 | 8.9 | ||||||||
Estimated changes in net interest income (in millions) | June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||
Up 100 bps rate shock vs. baseline | $ | 162 | $ | 86 | $ | 324 | |||||
Long-term up 100 bps, short-term unchanged | 107 | 98 | 7 | ||||||||
Short-term up 100 bps, long-term unchanged | 55 | (12) | 317 | ||||||||
Long-term down 100 bps, short-term unchanged | (109) | (102) | (13) | ||||||||
Short-term down 100 bps, long-term unchanged | (135) | (76) | (346) | ||||||||
Down 100 bps rate shock vs. baseline | (244) | (178) | (358) | ||||||||
| Reconciliation of Non-GAAP measures, excluding notable items | YTD24 | |||||||||||||||||||||||||||||||
| 2Q24 vs. | vs. | |||||||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | 2Q24 | 1Q24 | 2Q23 | 1Q24 | 2Q23 | YTD24 | YTD23 | YTD23 | ||||||||||||||||||||||||
| Total revenue – GAAP | $ | 4,597 | $ | 4,527 | $ | 4,504 | 2 | % | 2 | % | ||||||||||||||||||||||
Less: Disposal (losses) (a) | — | — | (1) | |||||||||||||||||||||||||||||
| Adjusted total revenue – Non-GAAP | $ | 4,597 | $ | 4,527 | $ | 4,505 | 2 | % | 2 | % | ||||||||||||||||||||||
| Noninterest expense – GAAP | $ | 3,070 | $ | 3,176 | $ | 3,111 | (3) | % | (1) | % | $ | 6,246 | $ | 6,211 | 1 | % | ||||||||||||||||
Less: Severance (b) | 29 | 36 | 26 | 65 | 26 | |||||||||||||||||||||||||||
Litigation reserves (b) | 2 | 2 | 36 | 4 | 42 | |||||||||||||||||||||||||||
FDIC special assessment (b) | (38) | — | — | (38) | — | |||||||||||||||||||||||||||
| Adjusted noninterest expense – Non-GAAP | $ | 3,077 | $ | 3,138 | $ | 3,049 | (2) | % | 1 | % | $ | 6,215 | $ | 6,143 | 1 | % | ||||||||||||||||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP | $ | 1,143 | $ | 953 | $ | 1,036 | 20 | % | 10 | % | ||||||||||||||||||||||
Less: Disposal (losses) (a) | — | — | — | |||||||||||||||||||||||||||||
Severance (b) | (22) | (27) | (20) | |||||||||||||||||||||||||||||
Litigation reserves (b) | — | (2) | (36) | |||||||||||||||||||||||||||||
FDIC special assessment (b) | 29 | — | — | |||||||||||||||||||||||||||||
| Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP | $ | 1,136 | $ | 982 | $ | 1,092 | 16 | % | 4 | % | ||||||||||||||||||||||
| Diluted earnings per common share – GAAP | $ | 1.52 | $ | 1.25 | $ | 1.31 | 22 | % | 16 | % | ||||||||||||||||||||||
Less: Disposal (losses) (a) | — | — | — | |||||||||||||||||||||||||||||
Severance (b) | (0.03) | (0.04) | (0.02) | |||||||||||||||||||||||||||||
Litigation reserves (b) | — | — | (0.05) | |||||||||||||||||||||||||||||
FDIC special assessment (b) | $ | 0.04 | $ | — | $ | — | ||||||||||||||||||||||||||
| Total diluted earnings per common share impact of notable items | 0.01 | (0.04) | (0.07) | |||||||||||||||||||||||||||||
| Adjusted diluted earnings per common share – Non-GAAP | $ | 1.51 | $ | 1.29 | $ | 1.38 | 17 | % | 9 | % | ||||||||||||||||||||||
| Pre-tax operating margin reconciliation | ||||||||||||||||||||
| (dollars in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | |||||||||||||||
| Income before taxes – GAAP | $ | 1,527 | $ | 1,324 | $ | 1,388 | $ | 2,851 | $ | 2,676 | ||||||||||
Impact of notable items (a) | 7 | (38) | (63) | (31) | (70) | |||||||||||||||
| Adjusted income before taxes, excluding notable items – Non-GAAP | $ | 1,520 | $ | 1,362 | $ | 1,451 | $ | 2,882 | $ | 2,746 | ||||||||||
| Total revenue – GAAP | $ | 4,597 | $ | 4,527 | $ | 4,504 | $ | 9,124 | $ | 8,919 | ||||||||||
Impact of notable items (a) | — | — | (1) | — | (2) | |||||||||||||||
| Adjusted total revenue, excluding notable items – Non-GAAP | $ | 4,597 | $ | 4,527 | $ | 4,505 | $ | 9,124 | $ | 8,921 | ||||||||||
Pre-tax operating margin – GAAP (b) | 33 | % | 29 | % | 31 | % | 31 | % | 30 | % | ||||||||||
Adjusted pre-tax operating margin – Non-GAAP (b) | 33 | % | 30 | % | 32 | % | 32 | % | 31 | % | ||||||||||
| Return on common equity and tangible common equity reconciliation | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||
| (dollars in millions) | |||||||||||||||||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP | $ | 1,143 | $ | 953 | $ | 1,036 | $ | 2,096 | $ | 1,947 | |||||||
| Add: Amortization of intangible assets | 13 | 12 | 14 | 25 | 28 | ||||||||||||
| Less: Tax impact of amortization of intangible assets | 3 | 3 | 4 | 6 | 7 | ||||||||||||
| Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP | 1,153 | 962 | 1,046 | $ | 2,115 | $ | 1,968 | ||||||||||
Impact of notable items (a) | 7 | (29) | (56) | (22) | (60) | ||||||||||||
| Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP | $ | 1,146 | $ | 991 | $ | 1,102 | $ | 2,137 | $ | 2,028 | |||||||
| Average common shareholders’ equity | $ | 36,044 | $ | 35,905 | $ | 35,655 | $ | 35,975 | $ | 35,569 | |||||||
| Less: Average goodwill | 16,229 | 16,238 | 16,219 | 16,234 | 16,190 | ||||||||||||
| Average intangible assets | 2,834 | 2,848 | 2,888 | 2,841 | 2,894 | ||||||||||||
| Add: Deferred tax liability – tax deductible goodwill | 1,213 | 1,209 | 1,193 | 1,213 | 1,193 | ||||||||||||
| Deferred tax liability – intangible assets | 655 | 655 | 660 | 655 | 660 | ||||||||||||
| Average tangible common shareholders’ equity – Non-GAAP | $ | 18,849 | $ | 18,683 | $ | 18,401 | $ | 18,768 | $ | 18,338 | |||||||
Return on common equity – GAAP (b) | 12.7 | % | 10.7 | % | 11.7 | % | 11.7 | % | 11.0 | % | |||||||
Adjusted return on common equity – Non-GAAP (b) | 12.7 | % | 11.0 | % | 12.3 | % | 11.8 | % | 11.4 | % | |||||||
Return on tangible common equity – Non-GAAP (b) | 24.6 | % | 20.7 | % | 22.8 | % | 22.7 | % | 21.7 | % | |||||||
Adjusted return on tangible common equity – Non-GAAP (b) | 24.4 | % | 21.3 | % | 24.1 | % | 22.9 | % | 22.3 | % | |||||||
| Book value and tangible book value per common share reconciliation | June 30, 2024 | March 31, 2024 | Dec. 31, 2023 | June 30, 2023 | ||||||||||
| (dollars in millions, except per share amounts and unless otherwise noted) | ||||||||||||||
| The Bank of New York Mellon Corporation shareholders’ equity at period end – GAAP | $ | 40,843 | $ | 40,569 | $ | 40,770 | $ | 40,824 | ||||||
| Less: Preferred stock | 4,343 | 4,343 | 4,343 | 4,838 | ||||||||||
| The Bank of New York Mellon Corporation common shareholders’ equity at period end – GAAP | 36,500 | 36,226 | 36,427 | 35,986 | ||||||||||
| Less: Goodwill | 16,217 | 16,228 | 16,261 | 16,246 | ||||||||||
| Intangible assets | 2,826 | 2,839 | 2,854 | 2,881 | ||||||||||
| Add: Deferred tax liability – tax deductible goodwill | 1,213 | 1,209 | 1,205 | 1,193 | ||||||||||
| Deferred tax liability – intangible assets | 655 | 655 | 657 | 660 | ||||||||||
| The Bank of New York Mellon Corporation tangible common shareholders’ equity at period end – Non-GAAP | $ | 19,325 | $ | 19,023 | $ | 19,174 | $ | 18,712 | ||||||
Period-end common shares outstanding (in thousands) | 737,957 | 747,816 | 759,344 | 778,782 | ||||||||||
| Book value per common share – GAAP | $ | 49.46 | $ | 48.44 | $ | 47.97 | $ | 46.21 | ||||||
| Tangible book value per common share – Non-GAAP | $ | 26.19 | $ | 25.44 | $ | 25.25 | $ | 24.03 | ||||||
| Constant currency reconciliation – Consolidated | 2Q24 vs. | ||||||||||
| (dollars in millions) | 2Q24 | 2Q23 | 2Q23 | ||||||||
| Investment management and performance fees – GAAP | $ | 761 | $ | 762 | — | % | |||||
| Impact of changes in foreign currency exchange rates | — | (1) | |||||||||
| Adjusted investment management and performance fees – Non-GAAP | $ | 761 | $ | 761 | — | % | |||||
Constant currency reconciliation – Investment and Wealth Management business segment | 2Q24 vs. | ||||||||||
| (dollars in millions) | 2Q24 | 2Q23 | 2Q23 | ||||||||
| Investment management and performance fees – GAAP | $ | 762 | $ | 763 | — | % | |||||
| Impact of changes in foreign currency exchange rates | — | (1) | |||||||||
| Adjusted investment management and performance fees – Non-GAAP | $ | 762 | $ | 762 | — | % | |||||
| Pre-tax operating margin reconciliation – Investment and Wealth Management business segment | ||||||||||||||||||||
| (dollars in millions) | 2Q24 | 1Q24 | 3Q23 | 2Q23 | YTD24 | YTD23 | ||||||||||||||
| Income before income taxes – GAAP | $ | 149 | $ | 107 | $ | 164 | $ | 130 | $ | 256 | $ | 223 | ||||||||
| Total revenue – GAAP | $ | 821 | $ | 846 | $ | 830 | $ | 816 | $ | 1,667 | $ | 1,646 | ||||||||
| Less: Distribution and servicing expense | 88 | 96 | 87 | 93 | 184 | 179 | ||||||||||||||
| Adjusted total revenue, net of distribution and servicing expense – Non-GAAP | $ | 733 | $ | 750 | $ | 743 | $ | 723 | $ | 1,483 | $ | 1,467 | ||||||||
Pre-tax operating margin – GAAP (a) | 18 | % | 13 | % | 20 | % | 16 | % | 15 | % | 14 | % | ||||||||
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a) | 20 | % | 14 | % | 22 | % | 18 | % | 17 | % | 15 | % | ||||||||
| Pre-tax operating margin reconciliation, excluding notable items – Investment and Wealth Management business segment | |||||
| (dollars in millions) | 4Q23 | ||||
| (Loss) before income taxes – GAAP | $ | (4) | |||
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a) | (144) | ||||
Severance expense (b) | (12) | ||||
| Adjusted income before income taxes – Non-GAAP | $ | 152 | |||
| Total revenue – GAAP | $ | 679 | |||
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a) | (144) | ||||
| Adjusted total revenue – Non-GAAP | $ | 823 | |||
| Less: Distribution and servicing expense | 89 | ||||
| Adjusted total revenue excluding notable items, net of distribution and servicing expense – Non-GAAP | $ | 734 | |||
Pre-tax operating margin – GAAP (c) | (1) | % | |||
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (c) | (1) | % | |||
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items – Non-GAAP (c) | 21 | % | |||
| Quarter ended | Year-to-date | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Fee and other revenue | ||||||||||||||||||||
| Investment services fees | $ | 2,359 | $ | 2,278 | $ | 2,252 | $ | 4,637 | $ | 4,371 | ||||||||||
| Investment management and performance fees | 761 | 776 | 762 | 1,537 | 1,538 | |||||||||||||||
| Foreign exchange revenue | 184 | 152 | 158 | 336 | 334 | |||||||||||||||
| Financing-related fees | 53 | 57 | 50 | 110 | 102 | |||||||||||||||
| Distribution and servicing fees | 41 | 42 | 35 | 83 | 68 | |||||||||||||||
| Total fee revenue | 3,398 | 3,305 | 3,257 | 6,703 | 6,413 | |||||||||||||||
Investment and other revenue (a) | 169 | 182 | 147 | 351 | 278 | |||||||||||||||
Total fee and other revenue (a) | 3,567 | 3,487 | 3,404 | 7,054 | 6,691 | |||||||||||||||
| Net interest income | ||||||||||||||||||||
| Interest income | 6,392 | 6,096 | 5,224 | 12,488 | 9,166 | |||||||||||||||
| Interest expense | 5,362 | 5,056 | 4,124 | 10,418 | 6,938 | |||||||||||||||
| Net interest income | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | |||||||||||||||
Total revenue (a) | 4,597 | 4,527 | 4,504 | 9,124 | 8,919 | |||||||||||||||
| Provision for credit losses | — | 27 | 5 | 27 | 32 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Staff | 1,720 | 1,857 | 1,718 | 3,577 | 3,509 | |||||||||||||||
| Software and equipment | 476 | 475 | 450 | 951 | 879 | |||||||||||||||
| Professional, legal and other purchased services | 374 | 349 | 378 | 723 | 753 | |||||||||||||||
| Net occupancy | 134 | 124 | 121 | 258 | 240 | |||||||||||||||
| Sub-custodian and clearing | 134 | 119 | 119 | 253 | 237 | |||||||||||||||
| Distribution and servicing | 88 | 96 | 93 | 184 | 178 | |||||||||||||||
| Business development | 50 | 36 | 47 | 86 | 86 | |||||||||||||||
| Bank assessment charges | (7) | 17 | 41 | 10 | 81 | |||||||||||||||
| Amortization of intangible assets | 13 | 12 | 14 | 25 | 28 | |||||||||||||||
| Other | 88 | 91 | 130 | 179 | 220 | |||||||||||||||
| Total noninterest expense | 3,070 | 3,176 | 3,111 | 6,246 | 6,211 | |||||||||||||||
| Income | ||||||||||||||||||||
Income before income taxes (a) | 1,527 | 1,324 | 1,388 | 2,851 | 2,676 | |||||||||||||||
Provision for income taxes (a) | 357 | 297 | 315 | 654 | 621 | |||||||||||||||
Net income (a) | 1,170 | 1,027 | 1,073 | 2,197 | 2,055 | |||||||||||||||
| Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2) | (2) | (1) | (4) | (1) | |||||||||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,168 | 1,025 | 1,072 | 2,193 | 2,054 | |||||||||||||||
| Preferred stock dividends | (25) | (72) | (36) | (97) | (107) | |||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $ | 1,143 | $ | 953 | $ | 1,036 | $ | 2,096 | $ | 1,947 | ||||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | Year-to-date | ||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,143 | $ | 953 | $ | 1,036 | $ | 2,096 | $ | 1,947 | ||||||||||
| Less: Earnings allocated to participating securities | — | — | — | — | — | |||||||||||||||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $ | 1,143 | $ | 953 | $ | 1,036 | $ | 2,096 | $ | 1,947 | ||||||||||
| Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | Year-to-date | ||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Basic | 746,904 | 756,937 | 787,718 | 751,961 | 795,512 | |||||||||||||||
| Common stock equivalents | 4,692 | 5,331 | 3,097 | 4,909 | 3,738 | |||||||||||||||
| Less: Participating securities | — | — | (90) | — | (93) | |||||||||||||||
| Diluted | 751,596 | 762,268 | 790,725 | 756,870 | 799,157 | |||||||||||||||
Anti-dilutive securities (a) | 578 | 1,604 | 7,059 | 1,266 | 5,824 | |||||||||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| Quarter ended | Year-to-date | |||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
Net income (a) | $ | 1,170 | $ | 1,027 | $ | 1,073 | $ | 2,197 | $ | 2,055 | ||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
| Foreign currency translation adjustments | (30) | (91) | 97 | (121) | 200 | |||||||||||||||
| Unrealized gain (loss) on assets available-for-sale: | ||||||||||||||||||||
| Unrealized gain arising during the period | (11) | 103 | (157) | 92 | 160 | |||||||||||||||
| Reclassification adjustment | 13 | 1 | — | 14 | 1 | |||||||||||||||
| Total unrealized gain on assets available-for-sale | 2 | 104 | (157) | 106 | 161 | |||||||||||||||
| Defined benefit plans: | ||||||||||||||||||||
| Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost | 3 | 3 | (2) | 6 | (5) | |||||||||||||||
| Total defined benefit plans | 3 | 3 | (2) | 6 | (5) | |||||||||||||||
| Net unrealized gain (loss) on cash flow hedges | 1 | 1 | 3 | 2 | 8 | |||||||||||||||
Total other comprehensive (loss) income, net of tax (b) | (24) | 17 | (59) | (7) | 364 | |||||||||||||||
| Total comprehensive income | 1,146 | 1,044 | 1,014 | 2,190 | 2,419 | |||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (2) | (2) | (1) | (4) | (1) | |||||||||||||||
| Other comprehensive loss attributable to noncontrolling interests | — | — | — | — | — | |||||||||||||||
| Comprehensive income applicable to shareholders of The Bank of New York Mellon Corporation | $ | 1,144 | $ | 1,042 | $ | 1,013 | $ | 2,186 | $ | 2,418 | ||||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| June 30, 2024 | Dec. 31, 2023 | |||||||
| (dollars in millions, except per share amounts) | ||||||||
| Assets | ||||||||
Cash and due from banks, net of allowance for credit losses of $27 and $18 | $ | 5,311 | $ | 4,922 | ||||
| Interest-bearing deposits with the Federal Reserve and other central banks | 116,139 | 111,550 | ||||||
Interest-bearing deposits with banks, net of allowance for credit losses of $1 and $2 (includes restricted of $2,026 and $3,420) | 11,488 | 12,139 | ||||||
| Federal funds sold and securities purchased under resale agreements | 29,723 | 28,900 | ||||||
| Securities: | ||||||||
Held-to-maturity, at amortized cost, net of allowance for credit losses of $1 and $1 (fair value of $41,287 and $44,711) | 46,429 | 49,578 | ||||||
Available-for-sale, at fair value (amortized cost of $94,566 and $80,678, net of allowance for credit losses of $5 and less than $1) | 90,421 | 76,817 | ||||||
| Total securities | 136,850 | 126,395 | ||||||
| Trading assets | 9,609 | 10,058 | ||||||
| Loans | 70,642 | 66,879 | ||||||
| Allowance for credit losses | (286) | (303) | ||||||
| Net loans | 70,356 | 66,576 | ||||||
| Premises and equipment | 3,267 | 3,163 | ||||||
| Accrued interest receivable | 1,253 | 1,150 | ||||||
| Goodwill | 16,217 | 16,261 | ||||||
| Intangible assets | 2,826 | 2,854 | ||||||
Other assets, net of allowance for credit losses on accounts receivable of $3 and $3 (includes $1,577 and $1,261, at fair value) | 25,500 | 25,909 | ||||||
| Total assets | $ | 428,539 | $ | 409,877 | ||||
| Liabilities | ||||||||
| Deposits: | ||||||||
| Noninterest-bearing deposits (principally U.S. offices) | $ | 58,029 | $ | 58,274 | ||||
| Interest-bearing deposits in U.S. offices | 149,115 | 132,616 | ||||||
| Interest-bearing deposits in non-U.S. offices | 97,167 | 92,779 | ||||||
| Total deposits | 304,311 | 283,669 | ||||||
| Federal funds purchased and securities sold under repurchase agreements | 15,701 | 14,507 | ||||||
| Trading liabilities | 3,372 | 6,226 | ||||||
| Payables to customers and broker-dealers | 17,569 | 18,395 | ||||||
| Commercial paper | 301 | — | ||||||
| Other borrowed funds | 280 | 479 | ||||||
| Accrued taxes and other expenses | 4,729 | 5,411 | ||||||
Other liabilities (including allowance for credit losses on lending-related commitments of $73 and $87, also includes $63 and $195, at fair value) | 10,208 | 9,028 | ||||||
| Long-term debt | 30,947 | 31,257 | ||||||
| Total liabilities | 387,418 | 368,972 | ||||||
| Temporary equity | ||||||||
| Redeemable noncontrolling interests | 92 | 85 | ||||||
| Permanent equity | ||||||||
Preferred stock – par value $0.01 per share; authorized 100,000,000 shares; issued 43,826 and 43,826 shares | 4,343 | 4,343 | ||||||
Common stock – par value $0.01 per share; authorized 3,500,000,000 shares; issued 1,409,173,568 and 1,402,429,447 shares | 14 | 14 | ||||||
| Additional paid-in capital | 29,139 | 28,908 | ||||||
| Retained earnings | 40,999 | 39,549 | ||||||
| Accumulated other comprehensive loss, net of tax | (4,900) | (4,893) | ||||||
Less: Treasury stock of 671,216,069 and 643,085,355 common shares, at cost | (28,752) | (27,151) | ||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 40,843 | 40,770 | ||||||
| Nonredeemable noncontrolling interests of consolidated investment management funds | 186 | 50 | ||||||
| Total permanent equity | 41,029 | 40,820 | ||||||
| Total liabilities, temporary equity and permanent equity | $ | 428,539 | $ | 409,877 | ||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| Six months ended June 30, | |||||||||||
| (in millions) | 2024 | 2023 | |||||||||
| Operating activities | |||||||||||
Net income (a) | $ | 2,197 | $ | 2,055 | |||||||
| Net (income) attributable to noncontrolling interests | (4) | (1) | |||||||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 2,193 | 2,054 | |||||||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||||||||||
| Provision for credit losses | 27 | 32 | |||||||||
| Pension plan contributions | (3) | (3) | |||||||||
| Depreciation and amortization | 924 | 800 | |||||||||
| Deferred tax (benefit) expense | (32) | 53 | |||||||||
| Net securities losses | 18 | 1 | |||||||||
| Change in trading assets and liabilities | (2,502) | 91 | |||||||||
Change in accruals and other, net (a) | (1,176) | (88) | |||||||||
| Net cash (used for) provided by operating activities | (551) | 2,940 | |||||||||
| Investing activities | |||||||||||
| Change in interest-bearing deposits with banks | (1,031) | 2,144 | |||||||||
| Change in interest-bearing deposits with the Federal Reserve and other central banks | (6,180) | (26,819) | |||||||||
| Purchases of securities held-to-maturity | (301) | (273) | |||||||||
| Paydowns of securities held-to-maturity | 2,040 | 2,298 | |||||||||
| Maturities of securities held-to-maturity | 1,578 | 934 | |||||||||
| Purchases of securities available-for-sale | (26,130) | (12,922) | |||||||||
| Sales of securities available-for-sale | 2,558 | 7,947 | |||||||||
| Paydowns of securities available-for-sale | 2,779 | 1,834 | |||||||||
| Maturities of securities available-for-sale | 8,249 | 10,072 | |||||||||
| Net change in loans | (3,861) | 1,591 | |||||||||
| Change in federal funds sold and securities purchased under resale agreements | (835) | (11,076) | |||||||||
| Net change in seed capital investments | 50 | 13 | |||||||||
| Purchases of premises and equipment/capitalized software | (681) | (615) | |||||||||
| Other, net | 451 | (223) | |||||||||
| Net cash (used for) investing activities | (21,314) | (25,095) | |||||||||
| Financing activities | |||||||||||
| Change in deposits | 22,943 | 12,808 | |||||||||
| Change in federal funds purchased and securities sold under repurchase agreements | 1,218 | 8,992 | |||||||||
| Change in payables to customers and broker-dealers | (826) | (2,341) | |||||||||
| Change in other borrowed funds | (180) | 986 | |||||||||
| Change in commercial paper | 301 | — | |||||||||
| Net proceeds from the issuance of long-term debt | 2,494 | 4,493 | |||||||||
| Repayments, redemptions and repurchases of long-term debt | (2,613) | (2,503) | |||||||||
| Issuance of common stock | 8 | 8 | |||||||||
| Treasury stock acquired | (1,589) | (1,704) | |||||||||
| Common cash dividends paid | (646) | (601) | |||||||||
| Preferred cash dividends paid | (97) | (107) | |||||||||
| Other, net | 7 | (4) | |||||||||
| Net cash provided by financing activities | 21,020 | 20,027 | |||||||||
| Effect of exchange rate changes on cash | (160) | 211 | |||||||||
| Change in cash and due from banks and restricted cash | |||||||||||
| Change in cash and due from banks and restricted cash | (1,005) | (1,917) | |||||||||
| Cash and due from banks and restricted cash at beginning of period | 8,342 | 11,529 | |||||||||
| Cash and due from banks and restricted cash at end of period | $ | 7,337 | $ | 9,612 | |||||||
| Cash and due from banks and restricted cash | |||||||||||
| Cash and due from banks at end of period (unrestricted cash) | $ | 5,311 | $ | 5,720 | |||||||
| Restricted cash at end of period | 2,026 | 3,892 | |||||||||
| Cash and due from banks and restricted cash at end of period | $ | 7,337 | $ | 9,612 | |||||||
| Supplemental disclosures | |||||||||||
| Interest paid | $ | 10,376 | $ | 6,691 | |||||||
| Income taxes paid | 640 | 403 | |||||||||
| Income taxes refunded | 17 | 8 | |||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| The Bank of New York Mellon Corporation shareholders | Nonredeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||||||
| (in millions, except per share amount) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | ||||||||||||||||||||||||||
| Balance at March 31, 2024 | $ | 4,343 | $ | 14 | $ | 29,055 | $ | 40,178 | $ | (4,876) | $ | (28,145) | $ | 111 | $ | 40,680 | (a) | $ | 82 | |||||||||||||
| Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 12 | |||||||||||||||||||||||
| Redemption of subsidiary shares from noncontrolling interests | — | — | — | — | — | — | — | — | (1) | |||||||||||||||||||||||
| Other net changes in noncontrolling interests | — | — | 2 | — | — | — | 73 | 75 | (2) | |||||||||||||||||||||||
| Net income | — | — | — | 1,168 | — | — | 2 | 1,170 | — | |||||||||||||||||||||||
| Other comprehensive (loss) | — | — | — | — | (24) | — | — | (24) | — | |||||||||||||||||||||||
| Dividends: | ||||||||||||||||||||||||||||||||
Common stock at $0.42 per share (b) | — | — | — | (322) | — | — | — | (322) | — | |||||||||||||||||||||||
| Preferred stock | — | — | — | (25) | — | — | — | (25) | — | |||||||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | (601) | — | (601) | — | |||||||||||||||||||||||
| Common stock issued under employee benefit plans | — | — | 5 | — | — | — | — | 5 | — | |||||||||||||||||||||||
| Stock-based compensation | — | — | 77 | — | — | — | — | 77 | — | |||||||||||||||||||||||
| Excise tax on share repurchases | — | — | — | — | — | (6) | — | (6) | — | |||||||||||||||||||||||
| Other | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||||||||
| Balance at June 30, 2024 | $ | 4,343 | $ | 14 | $ | 29,139 | $ | 40,999 | $ | (4,900) | $ | (28,752) | $ | 186 | $ | 41,029 | (a) | $ | 92 | |||||||||||||
| The Bank of New York Mellon Corporation shareholders | Nonredeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||||||
| (in millions, except per share amount) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income, net of tax | Treasury stock | ||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ | 4,343 | $ | 14 | $ | 28,908 | $ | 39,549 | $ | (4,893) | $ | (27,151) | $ | 50 | $ | 40,820 | (a) | $ | 85 | |||||||||||||
| Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 10 | |||||||||||||||||||||||
| Redemption of subsidiary shares from noncontrolling interests | — | — | — | — | — | — | — | — | (17) | |||||||||||||||||||||||
| Other net changes in noncontrolling interests | — | — | (5) | — | — | — | 59 | 54 | 5 | |||||||||||||||||||||||
| Net income | — | — | — | 1,025 | — | — | 2 | 1,027 | — | |||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | 17 | — | — | 17 | — | |||||||||||||||||||||||
| Dividends: | ||||||||||||||||||||||||||||||||
Common stock at $0.42 per share (b) | — | — | — | (324) | — | — | — | (324) | — | |||||||||||||||||||||||
| Preferred stock | — | — | — | (72) | — | — | — | (72) | — | |||||||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | (988) | — | (988) | — | |||||||||||||||||||||||
| Common stock issued under employee benefit plans | — | — | 7 | — | — | — | — | 7 | — | |||||||||||||||||||||||
| Stock-based compensation | — | — | 168 | — | — | — | — | 168 | — | |||||||||||||||||||||||
| Excise tax on share repurchases | — | — | — | — | — | (6) | — | (6) | — | |||||||||||||||||||||||
| Other | — | — | (23) | — | — | — | — | (23) | (1) | |||||||||||||||||||||||
Balance at March 31, 2024 | $ | 4,343 | $ | 14 | $ | 29,055 | $ | 40,178 | $ | (4,876) | $ | (28,145) | $ | 111 | $ | 40,680 | (a) | $ | 82 | |||||||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| The Bank of New York Mellon Corporation shareholders | Nonredeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||||||
| (in millions, except per share amount) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | ||||||||||||||||||||||||||
Balance at March 31, 2023 (a) | $ | 4,838 | $ | 14 | $ | 28,650 | $ | 38,350 | $ | (5,543) | $ | (25,790) | $ | 72 | $ | 40,591 | (b) | $ | 96 | |||||||||||||
Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 7 | |||||||||||||||||||||||
Other net changes in noncontrolling interests | — | — | 2 | — | — | — | (8) | (6) | (1) | |||||||||||||||||||||||
Net income (a) | — | — | — | 1,072 | — | — | 1 | 1,073 | — | |||||||||||||||||||||||
| Other comprehensive (loss) | — | — | — | — | (59) | — | — | (59) | — | |||||||||||||||||||||||
| Dividends: | ||||||||||||||||||||||||||||||||
Common stock at $0.37 per share (c) | — | — | — | (297) | — | — | — | (297) | — | |||||||||||||||||||||||
| Preferred stock | — | — | — | (36) | — | — | — | (36) | — | |||||||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | (448) | — | (448) | — | |||||||||||||||||||||||
Common stock issued under employee benefit plans | — | — | 5 | — | — | — | — | 5 | — | |||||||||||||||||||||||
| Stock-based compensation | — | — | 69 | — | — | — | — | 69 | — | |||||||||||||||||||||||
| Excise tax on share repurchases | — | — | — | — | — | (4) | — | (4) | — | |||||||||||||||||||||||
| Other | — | — | — | 1 | — | — | — | 1 | 2 | |||||||||||||||||||||||
Balance at June 30, 2023 (a) | $ | 4,838 | $ | 14 | $ | 28,726 | $ | 39,090 | $ | (5,602) | $ | (26,242) | $ | 65 | $ | 40,889 | (b) | $ | 104 | |||||||||||||
| The Bank of New York Mellon Corporation shareholders | Nonredeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||||||
| (in millions, except per share amount) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss), net of tax | Treasury stock | ||||||||||||||||||||||||||
| Balance at Dec. 31, 2023 | $ | 4,343 | $ | 14 | $ | 28,908 | $ | 39,549 | $ | (4,893) | $ | (27,151) | $ | 50 | $ | 40,820 | (a) | $ | 85 | |||||||||||||
Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 22 | |||||||||||||||||||||||
Redemption of subsidiary shares from noncontrolling interests | — | — | — | — | — | — | — | — | (18) | |||||||||||||||||||||||
Other net changes in noncontrolling interests | — | — | (3) | — | — | — | 132 | 129 | 3 | |||||||||||||||||||||||
| Net income | — | — | — | 2,193 | — | — | 4 | 2,197 | — | |||||||||||||||||||||||
| Other comprehensive (loss) | — | — | — | — | (7) | — | — | (7) | — | |||||||||||||||||||||||
| Dividends: | ||||||||||||||||||||||||||||||||
Common stock at $0.84 per share (b) | — | — | — | (646) | — | — | — | (646) | — | |||||||||||||||||||||||
| Preferred stock | — | — | — | (97) | — | — | — | (97) | — | |||||||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | (1,589) | — | (1,589) | — | |||||||||||||||||||||||
Common stock issued under employee benefit plans | — | — | 12 | — | — | — | — | 12 | — | |||||||||||||||||||||||
| Stock-based compensation | — | — | 245 | — | — | — | — | 245 | — | |||||||||||||||||||||||
| Excise tax on share repurchases | — | — | — | — | — | (12) | — | (12) | — | |||||||||||||||||||||||
| Other | — | — | (23) | — | — | — | — | (23) | — | |||||||||||||||||||||||
| Balance at June 30, 2024 | $ | 4,343 | $ | 14 | $ | 29,139 | $ | 40,999 | $ | (4,900) | $ | (28,752) | $ | 186 | $ | 41,029 | (a) | $ | 92 | |||||||||||||
| The Bank of New York Mellon Corporation (and its subsidiaries) | ||
| The Bank of New York Mellon Corporation shareholders | Nonredeemable noncontrolling interests of consolidated investment management funds | Total permanent equity | Redeemable non- controlling interests/ temporary equity | |||||||||||||||||||||||||||||
| (in millions, except per share amount) | Preferred stock | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss) income, net of tax | Treasury stock | ||||||||||||||||||||||||||
Balance at Dec. 31, 2022 (a) | $ | 4,838 | $ | 14 | $ | 28,508 | $ | 37,743 | $ | (5,966) | $ | (24,524) | $ | 7 | $ | 40,620 | (b) | $ | 109 | |||||||||||||
| Shares issued to shareholders of noncontrolling interests | — | — | — | — | — | — | — | — | 17 | |||||||||||||||||||||||
| Redemption of subsidiary shares from noncontrolling interests | — | — | — | — | — | — | — | — | (34) | |||||||||||||||||||||||
| Other net changes in noncontrolling interests | — | — | (6) | — | — | — | 57 | 51 | 8 | |||||||||||||||||||||||
Net income (a) | — | — | — | 2,054 | — | — | 1 | 2,055 | — | |||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | 364 | — | — | 364 | — | |||||||||||||||||||||||
| Dividends: | ||||||||||||||||||||||||||||||||
Common stock at $0.74 per share (c) | — | — | — | (601) | — | — | — | (601) | — | |||||||||||||||||||||||
| Preferred stock | — | — | — | (107) | — | — | — | (107) | — | |||||||||||||||||||||||
| Repurchase of common stock | — | — | — | — | — | (1,704) | — | (1,704) | — | |||||||||||||||||||||||
| Common stock issued under employee benefit plans | — | — | 10 | — | — | — | — | 10 | — | |||||||||||||||||||||||
| Stock-based compensation | — | — | 214 | — | — | — | — | 214 | — | |||||||||||||||||||||||
| Excise tax on share repurchases | — | — | — | — | — | (14) | — | (14) | — | |||||||||||||||||||||||
| Other | — | — | — | 1 | — | — | — | 1 | 4 | |||||||||||||||||||||||
Balance at June 30, 2023 (a) | $ | 4,838 | $ | 14 | $ | 28,726 | $ | 39,090 | $ | (5,602) | $ | (26,242) | $ | 65 | $ | 40,889 | (b) | $ | 104 | |||||||||||||
| Notes to Consolidated Financial Statements | ||
Notes to Consolidated Financial Statements (continued) | ||
| Consolidated Income Statement | Previously reported | Adjustment | Restated | |||||||||||||||||||||||
| (in millions) | 2Q23 | YTD23 | 2Q23 | YTD23 | 2Q23 | YTD23 | ||||||||||||||||||||
| Investment and other revenue | $ | 97 | $ | 176 | $ | 50 | $ | 102 | $ | 147 | $ | 278 | ||||||||||||||
| Total fee and other revenue | 3,354 | 6,589 | 50 | 102 | 3,404 | 6,691 | ||||||||||||||||||||
| Total revenue | 4,454 | 8,817 | 50 | 102 | 4,504 | 8,919 | ||||||||||||||||||||
| Income before income taxes | 1,338 | 2,574 | 50 | 102 | 1,388 | 2,676 | ||||||||||||||||||||
| Provision for income taxes | 270 | 530 | 45 | 91 | 315 | 621 | ||||||||||||||||||||
| Net income | 1,068 | 2,044 | 5 | 11 | 1,073 | 2,055 | ||||||||||||||||||||
| Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,067 | 2,043 | 5 | 11 | 1,072 | 2,054 | ||||||||||||||||||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | 1,031 | 1,936 | 5 | 11 | 1,036 | 1,947 | ||||||||||||||||||||
| Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation | Previously reported | Restated | |||||||||||||||
| (in dollars) | 2Q23 | YTD23 | 2Q23 | YTD23 | |||||||||||||
| Basic | $ | 1.31 | $ | 2.43 | $ | 1.32 | $ | 2.45 | |||||||||
| Diluted | 1.30 | 2.42 | 1.31 | 2.44 | |||||||||||||
| Retained Earnings | Previously Reported | Adjustment | Restated | ||||||||||||||
| (in millions) | |||||||||||||||||
| Dec. 31, 2022 | $ | 37,864 | $ | (121) | $ | 37,743 | |||||||||||
| March 31, 2023 | 38,465 | (115) | 38,350 | ||||||||||||||
| June 30, 2023 | 39,199 | (109) | 39,090 | ||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Securities at June 30, 2024 | Gross unrealized | Fair value | ||||||||||||
| Amortized cost | ||||||||||||||
| (in millions) | Gains | Losses | ||||||||||||
| Available-for-sale: | ||||||||||||||
Non-U.S. government (a) | $ | 25,643 | $ | 15 | $ | 707 | $ | 24,951 | ||||||
| U.S. Treasury | 21,254 | 45 | 1,809 | 19,490 | ||||||||||
| Agency residential mortgage-backed securities (“RMBS”) | 17,319 | 99 | 527 | 16,891 | ||||||||||
| Agency commercial mortgage-backed securities (“MBS”) | 8,045 | 58 | 555 | 7,548 | ||||||||||
| Foreign covered bonds | 7,484 | 12 | 167 | 7,329 | ||||||||||
| Collateralized loan obligations (“CLOs”) | 6,355 | 15 | — | 6,370 | ||||||||||
| Non-agency commercial MBS | 3,096 | 1 | 278 | 2,819 | ||||||||||
| U.S. government agencies | 2,678 | 34 | 160 | 2,552 | ||||||||||
| Non-agency RMBS | 1,799 | 28 | 180 | 1,647 | ||||||||||
| Other asset-backed securities (“ABS”) | 892 | — | 69 | 823 | ||||||||||
| Other debt securities | 1 | — | — | 1 | ||||||||||
Total securities available-for-sale (b)(c) | $ | 94,566 | $ | 307 | $ | 4,452 | $ | 90,421 | ||||||
| Held-to-maturity: | ||||||||||||||
| Agency RMBS | $ | 27,816 | $ | 1 | $ | 3,827 | $ | 23,990 | ||||||
| U.S. Treasury | 8,161 | — | 567 | 7,594 | ||||||||||
| U.S. government agencies | 4,141 | — | 395 | 3,746 | ||||||||||
| Agency commercial MBS | 3,506 | — | 296 | 3,210 | ||||||||||
Non-U.S. government (a) | 1,788 | — | 58 | 1,730 | ||||||||||
| CLOs | 983 | 1 | — | 984 | ||||||||||
| Non-agency RMBS | 23 | 1 | 1 | 23 | ||||||||||
| Other debt securities | 11 | — | 1 | 10 | ||||||||||
| Total securities held-to-maturity | $ | 46,429 | $ | 3 | $ | 5,145 | $ | 41,287 | ||||||
| Total securities | $ | 140,995 | $ | 310 | $ | 9,597 | $ | 131,708 | ||||||
Securities at Dec. 31, 2023 | Gross unrealized | |||||||||||||
| Amortized cost | Fair value | |||||||||||||
| (in millions) | Gains | Losses | ||||||||||||
| Available-for-sale: | ||||||||||||||
Non-U.S. government (a) | $ | 18,998 | $ | 68 | $ | 684 | $ | 18,382 | ||||||
| U.S. Treasury | 18,193 | 63 | 1,652 | 16,604 | ||||||||||
| Agency RMBS | 13,457 | 119 | 465 | 13,111 | ||||||||||
| Agency commercial MBS | 8,191 | 69 | 531 | 7,729 | ||||||||||
| Foreign covered bonds | 6,489 | 25 | 180 | 6,334 | ||||||||||
| CLOs | 6,142 | 5 | 10 | 6,137 | ||||||||||
| Non-agency commercial MBS | 3,245 | 1 | 311 | 2,935 | ||||||||||
| U.S. government agencies | 3,053 | 42 | 194 | 2,901 | ||||||||||
| Non-agency RMBS | 1,883 | 32 | 175 | 1,740 | ||||||||||
| Other ABS | 1,026 | 1 | 84 | 943 | ||||||||||
| Other debt securities | 1 | — | — | 1 | ||||||||||
Total securities available-for-sale (b)(c) | $ | 80,678 | $ | 425 | $ | 4,286 | $ | 76,817 | ||||||
| Held-to-maturity: | ||||||||||||||
| Agency RMBS | $ | 29,740 | $ | 1 | $ | 3,493 | $ | 26,248 | ||||||
| U.S. Treasury | 9,123 | — | 612 | 8,511 | ||||||||||
| U.S. government agencies | 4,146 | — | 401 | 3,745 | ||||||||||
| Agency commercial MBS | 3,411 | 1 | 296 | 3,116 | ||||||||||
Non-U.S. government (a) | 2,137 | 3 | 67 | 2,073 | ||||||||||
| CLOs | 983 | — | 1 | 982 | ||||||||||
| Non-agency RMBS | 26 | 1 | 1 | 26 | ||||||||||
| Other debt securities | 12 | — | 2 | 10 | ||||||||||
| Total securities held-to-maturity | $ | 49,578 | $ | 6 | $ | 4,873 | $ | 44,711 | ||||||
| Total securities | $ | 130,256 | $ | 431 | $ | 9,159 | $ | 121,528 | ||||||
| Net securities gains (losses) | |||||||||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||
| Realized gross gains | $ | 6 | $ | 4 | $ | 4 | $ | 10 | $ | 18 | |||||||
| Realized gross losses | (23) | (5) | (4) | (28) | (19) | ||||||||||||
| Total net securities (losses) | $ | (17) | $ | (1) | $ | — | $ | (18) | $ | (1) | |||||||
Notes to Consolidated Financial Statements (continued) | ||
| Net securities gains (losses) | |||||||||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||
| U.S. Treasury | $ | (11) | $ | (1) | $ | — | $ | (12) | $ | (8) | |||||||
| Non-agency RMBS | — | — | — | — | 2 | ||||||||||||
| Other | (6) | — | — | (6) | 5 | ||||||||||||
| Total net securities (losses) | $ | (17) | $ | (1) | $ | — | $ | (18) | $ | (1) | |||||||
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at June 30, 2024 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
| Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | |||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
Non-U.S. government (a) | $ | 9,816 | $ | 71 | $ | 11,529 | $ | 636 | $ | 21,345 | $ | 707 | ||||||||||||||
| U.S. Treasury | 4,662 | 59 | 14,580 | 1,750 | 19,242 | 1,809 | ||||||||||||||||||||
| Agency RMBS | 5,812 | 69 | 8,123 | 458 | 13,935 | 527 | ||||||||||||||||||||
| Agency commercial MBS | 210 | 1 | 6,958 | 554 | 7,168 | 555 | ||||||||||||||||||||
| Foreign covered bonds | 1,886 | 9 | 2,731 | 158 | 4,617 | 167 | ||||||||||||||||||||
| Non-agency commercial MBS | 163 | 1 | 2,456 | 277 | 2,619 | 278 | ||||||||||||||||||||
| U.S. government agencies | 394 | 4 | 1,726 | 156 | 2,120 | 160 | ||||||||||||||||||||
| Non-agency RMBS | 93 | — | 1,159 | 180 | 1,252 | 180 | ||||||||||||||||||||
| Other ABS | — | — | 749 | 69 | 749 | 69 | ||||||||||||||||||||
Total securities available-for-sale (b) | $ | 23,036 | $ | 214 | $ | 50,011 | $ | 4,238 | $ | 73,047 | $ | 4,452 | ||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Available-for-sale securities in an unrealized loss position without an allowance for credit losses at Dec. 31, 2023 | Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||
| Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | |||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| U.S. Treasury | $ | 694 | $ | 48 | $ | 14,862 | $ | 1,604 | $ | 15,556 | $ | 1,652 | ||||||||||||||
Non-U.S. government (a) | 2,756 | 24 | 11,767 | 660 | 14,523 | 684 | ||||||||||||||||||||
| Agency RMBS | 2,753 | 27 | 6,793 | 438 | 9,546 | 465 | ||||||||||||||||||||
| Agency commercial MBS | 328 | 5 | 7,060 | 526 | 7,388 | 531 | ||||||||||||||||||||
| CLOs | 784 | — | 3,158 | 10 | 3,942 | 10 | ||||||||||||||||||||
| Foreign covered bonds | 268 | 1 | 3,603 | 179 | 3,871 | 180 | ||||||||||||||||||||
| Non-agency commercial MBS | 187 | 2 | 2,607 | 309 | 2,794 | 311 | ||||||||||||||||||||
| U.S. government agencies | 573 | 4 | 1,779 | 190 | 2,352 | 194 | ||||||||||||||||||||
| Non-agency RMBS | 30 | 1 | 1,300 | 174 | 1,330 | 175 | ||||||||||||||||||||
| Other ABS | — | — | 832 | 84 | 832 | 84 | ||||||||||||||||||||
Total securities available-for-sale (b) | $ | 8,373 | $ | 112 | $ | 53,761 | $ | 4,174 | $ | 62,134 | $ | 4,286 | ||||||||||||||
Held-to-maturity securities portfolio at June 30, 2024 | Ratings (a) | ||||||||||||||||||||||||||||
| Net unrealized gain (loss) | BB+ and lower | ||||||||||||||||||||||||||||
| (dollars in millions) | Amortized cost | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated | ||||||||||||||||||||||||
| Agency RMBS | $ | 27,816 | $ | (3,826) | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||
| U.S. Treasury | 8,161 | (567) | 100 | — | — | — | — | ||||||||||||||||||||||
| U.S. government agencies | 4,141 | (395) | 100 | — | — | — | — | ||||||||||||||||||||||
| Agency commercial MBS | 3,506 | (296) | 100 | — | — | — | — | ||||||||||||||||||||||
Non-U.S. government (b)(c) | 1,788 | (58) | 100 | — | — | — | — | ||||||||||||||||||||||
| CLOs | 983 | 1 | 100 | — | — | — | — | ||||||||||||||||||||||
| Non-agency RMBS | 23 | — | 24 | 53 | 2 | 17 | 4 | ||||||||||||||||||||||
| Other debt securities | 11 | (1) | — | — | — | — | 100 | ||||||||||||||||||||||
| Total held-to-maturity securities | $ | 46,429 | $ | (5,142) | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Held-to-maturity securities portfolio at Dec. 31, 2023 | Ratings (a) | ||||||||||||||||||||||||||||
| Net unrealized gain (loss) | BB+ and lower | ||||||||||||||||||||||||||||
| (dollars in millions) | Amortized cost | AAA/ AA- | A+/ A- | BBB+/ BBB- | Not rated | ||||||||||||||||||||||||
| Agency RMBS | $ | 29,740 | $ | (3,492) | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||
| U.S. Treasury | 9,123 | (612) | 100 | — | — | — | — | ||||||||||||||||||||||
| U.S. government agencies | 4,146 | (401) | 100 | — | — | — | — | ||||||||||||||||||||||
| Agency commercial MBS | 3,411 | (295) | 100 | — | — | — | — | ||||||||||||||||||||||
Non-U.S. government (b)(c) | 2,137 | (64) | 100 | — | — | — | — | ||||||||||||||||||||||
| CLOs | 983 | (1) | 100 | — | — | — | — | ||||||||||||||||||||||
| Non-agency RMBS | 26 | — | 25 | 54 | 2 | 17 | 2 | ||||||||||||||||||||||
| Other debt securities | 12 | (2) | — | — | — | — | 100 | ||||||||||||||||||||||
| Total held-to-maturity securities | $ | 49,578 | $ | (4,867) | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||
Maturity distribution and yields on securities at June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| Within 1 year | 1-5 years | 5-10 years | After 10 years | Total | ||||||||||||||||||||||||||||||||||||||||
| (dollars in millions) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | Amount | Yield (a) | ||||||||||||||||||||||||||||||||||
| Available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. Treasury | $ | 1,956 | 1.01 | % | $ | 13,336 | 1.89 | % | $ | 2,275 | 2.93 | % | $ | 1,923 | 2.92 | % | $ | 19,490 | 2.04 | % | ||||||||||||||||||||||||
Non-U.S. government (b) | 5,002 | 2.26 | 16,303 | 3.09 | 3,333 | 2.45 | 313 | 3.48 | 24,951 | 2.84 | ||||||||||||||||||||||||||||||||||
| Foreign covered bonds | 1,082 | 3.26 | 5,780 | 3.40 | 467 | 2.36 | — | — | 7,329 | 3.31 | ||||||||||||||||||||||||||||||||||
| U.S. government agencies | 69 | 1.47 | 1,625 | 3.86 | 858 | 2.78 | — | — | 2,552 | 3.41 | ||||||||||||||||||||||||||||||||||
| Other debt securities | — | — | — | — | — | — | 1 | 4.94 | 1 | 4.94 | ||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | 16,891 | 5.17 | ||||||||||||||||||||||||||||||||||||||||||
| Non-agency RMBS | 1,647 | 4.41 | ||||||||||||||||||||||||||||||||||||||||||
| Agency commercial MBS | 7,548 | 3.06 | ||||||||||||||||||||||||||||||||||||||||||
| Non-agency commercial MBS | 2,819 | 3.41 | ||||||||||||||||||||||||||||||||||||||||||
| CLOs | 6,370 | 6.79 | ||||||||||||||||||||||||||||||||||||||||||
| Other ABS | 823 | 2.24 | ||||||||||||||||||||||||||||||||||||||||||
| Total securities available-for-sale | $ | 8,109 | 2.09 | % | $ | 37,044 | 2.72 | % | $ | 6,933 | 2.65 | % | $ | 2,237 | 2.98 | % | $ | 90,421 | 3.47 | % | ||||||||||||||||||||||||
| Held-to-maturity: | ||||||||||||||||||||||||||||||||||||||||||||
| U.S. Treasury | $ | 2,215 | 1.29 | % | $ | 5,215 | 1.22 | % | $ | 731 | 0.95 | % | $ | — | — | % | $ | 8,161 | 1.22 | % | ||||||||||||||||||||||||
| U.S. government agencies | 903 | 1.20 | 2,549 | 1.57 | 476 | 1.51 | 213 | 1.99 | 4,141 | 1.50 | ||||||||||||||||||||||||||||||||||
Non-U.S. government (b) | 878 | 0.96 | 834 | 1.45 | 76 | 0.59 | — | — | 1,788 | 1.17 | ||||||||||||||||||||||||||||||||||
| Other debt securities | — | — | — | — | 11 | 3.76 | — | — | 11 | 3.76 | ||||||||||||||||||||||||||||||||||
| Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | 27,816 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||
| Non-agency RMBS | 23 | 4.36 | ||||||||||||||||||||||||||||||||||||||||||
| Agency commercial MBS | 3,506 | 2.59 | ||||||||||||||||||||||||||||||||||||||||||
| CLOs | 983 | 6.73 | ||||||||||||||||||||||||||||||||||||||||||
| Total securities held-to-maturity | $ | 3,996 | 1.20 | % | $ | 8,598 | 1.35 | % | $ | 1,294 | 1.16 | % | $ | 213 | 1.99 | % | $ | 46,429 | 2.13 | % | ||||||||||||||||||||||||
| Total securities | $ | 12,105 | 1.79 | % | $ | 45,642 | 2.47 | % | $ | 8,227 | 2.43 | % | $ | 2,450 | 2.91 | % | $ | 136,850 | 3.03 | % | ||||||||||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Loans | June 30, 2024 | Dec. 31, 2023 | ||||||
| (in millions) | ||||||||
| Commercial | $ | 2,247 | $ | 2,112 | ||||
| Commercial real estate | 6,942 | 6,760 | ||||||
| Financial institutions | 12,169 | 10,521 | ||||||
| Lease financings | 600 | 599 | ||||||
| Wealth management loans | 8,823 | 9,109 | ||||||
| Wealth management mortgages | 9,018 | 9,131 | ||||||
| Other residential mortgages | 1,119 | 1,166 | ||||||
| Capital call financing | 4,106 | 3,700 | ||||||
| Other | 2,837 | 2,717 | ||||||
| Overdrafts | 3,193 | 3,053 | ||||||
| Margin loans | 19,588 | 18,011 | ||||||
Total loans (a) | $ | 70,642 | $ | 66,879 | ||||
Notes to Consolidated Financial Statements (continued) | ||
Allowance for credit losses activity for the quarter ended June 30, 2024 | Wealth management loans | Wealth management mortgages | Other residential mortgages | Capital call financing | |||||||||||||||||||||||||
| (in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | Total | ||||||||||||||||||||||||
| Beginning balance | $ | 24 | $ | 347 | $ | 17 | $ | — | $ | 1 | $ | 7 | $ | 3 | $ | 4 | $ | 403 | |||||||||||
| Charge-offs | — | (43) | — | — | — | — | — | — | (43) | ||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Net (charge-offs) | — | (43) | — | — | — | — | — | — | (43) | ||||||||||||||||||||
Provision (a)(b) | 3 | (6) | 4 | — | — | (1) | — | (1) | (1) | ||||||||||||||||||||
| Ending balance | $ | 27 | $ | 298 | $ | 21 | $ | — | $ | 1 | $ | 6 | $ | 3 | $ | 3 | $ | 359 | |||||||||||
| Allowance for: | |||||||||||||||||||||||||||||
| Loan losses | $ | 16 | $ | 247 | $ | 12 | $ | — | $ | 1 | $ | 5 | $ | 3 | $ | 2 | $ | 286 | |||||||||||
| Lending-related commitments | 11 | 51 | 9 | — | — | 1 | — | 1 | 73 | ||||||||||||||||||||
| Individually evaluated for impairment: | |||||||||||||||||||||||||||||
Loan balance (c) | $ | — | $ | 287 | $ | — | $ | — | $ | — | $ | 13 | $ | 1 | $ | — | $ | 301 | |||||||||||
| Allowance for loan losses | — | 73 | — | — | — | — | — | — | 73 | ||||||||||||||||||||
Allowance for credit losses activity for the quarter ended March 31, 2024 | Wealth management loans | Wealth management mortgages | Other residential mortgages | Capital call financing | |||||||||||||||||||||||||
| (in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | Total | ||||||||||||||||||||||||
| Beginning balance | $ | 27 | $ | 325 | $ | 19 | $ | 1 | $ | 1 | $ | 9 | $ | 4 | $ | 4 | $ | 390 | |||||||||||
| Charge-offs | — | — | — | — | — | (1) | — | — | (1) | ||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Net (charge-offs) | — | — | — | — | — | (1) | — | — | (1) | ||||||||||||||||||||
Provision (a) | (3) | 22 | (2) | (1) | — | (1) | (1) | — | 14 | ||||||||||||||||||||
| Ending balance | $ | 24 | $ | 347 | $ | 17 | $ | — | $ | 1 | $ | 7 | $ | 3 | $ | 4 | $ | 403 | |||||||||||
| Allowance for: | |||||||||||||||||||||||||||||
| Loan losses | $ | 14 | $ | 287 | $ | 8 | $ | — | $ | 1 | $ | 6 | $ | 3 | $ | 3 | $ | 322 | |||||||||||
| Lending-related commitments | 10 | 60 | 9 | — | — | 1 | — | 1 | 81 | ||||||||||||||||||||
| Individually evaluated for impairment: | |||||||||||||||||||||||||||||
Loan balance (b) | $ | — | $ | 331 | $ | — | $ | — | $ | — | $ | 16 | $ | 1 | $ | — | $ | 348 | |||||||||||
| Allowance for loan losses | — | 107 | — | — | — | — | — | — | 107 | ||||||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Allowance for credit losses activity for the quarter ended June 30, 2023 | Wealth management loans | Wealth management mortgages | Other residential mortgages | Capital call financing | Total | ||||||||||||||||||||||||
| (in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | |||||||||||||||||||||||||
| Beginning balance | $ | 21 | $ | 177 | $ | 24 | $ | 1 | $ | 1 | $ | 14 | $ | 9 | $ | 6 | $ | 253 | |||||||||||
| Charge-offs | — | — | — | — | — | — | (3) | — | (3) | ||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||
| Net (charge-offs) | — | — | — | — | — | — | (1) | — | (1) | ||||||||||||||||||||
Provision (a) | — | 22 | 8 | — | — | 1 | 1 | (2) | 30 | ||||||||||||||||||||
| Ending balance | $ | 21 | $ | 199 | $ | 32 | $ | 1 | $ | 1 | $ | 15 | $ | 9 | $ | 4 | $ | 282 | |||||||||||
| Allowance for: | |||||||||||||||||||||||||||||
| Loan losses | $ | 4 | $ | 143 | $ | 17 | $ | 1 | $ | 1 | $ | 14 | $ | 9 | $ | 2 | $ | 191 | |||||||||||
| Lending-related commitments | 17 | 56 | 15 | — | — | 1 | — | 2 | 91 | ||||||||||||||||||||
| Individually evaluated for impairment: | |||||||||||||||||||||||||||||
Loan balance (b) | $ | — | $ | 101 | $ | — | $ | — | $ | — | $ | 11 | $ | 1 | $ | — | $ | 113 | |||||||||||
| Allowance for loan losses | — | 3 | — | — | — | — | — | — | 3 | ||||||||||||||||||||
| Allowance for credit losses activity for the six months ended June 30, 2024 | Other residential mortgages | Capital call financing | Total | ||||||||||||||||||||||||||
| (in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | Wealth management loans | Wealth management mortgages | |||||||||||||||||||||||
| Beginning balance | $ | 27 | $ | 325 | $ | 19 | $ | 1 | $ | 1 | $ | 9 | $ | 4 | $ | 4 | $ | 390 | |||||||||||
| Charge-offs | — | (43) | — | — | — | (1) | — | — | (44) | ||||||||||||||||||||
| Recoveries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
| Net (charge-offs) | — | (43) | — | — | — | (1) | — | — | (44) | ||||||||||||||||||||
Provision (a) | — | 16 | 2 | (1) | — | (2) | (1) | (1) | 13 | ||||||||||||||||||||
| Ending balance | $ | 27 | $ | 298 | $ | 21 | $ | — | $ | 1 | $ | 6 | $ | 3 | $ | 3 | $ | 359 | |||||||||||
| Allowance for credit losses activity for the six months ended June 30, 2023 | Other residential mortgages | Capital call financing | Total | ||||||||||||||||||||||||||
| (in millions) | Commercial | Commercial real estate | Financial institutions | Lease financings | Wealth management loans | Wealth management mortgages | |||||||||||||||||||||||
| Beginning balance | $ | 18 | $ | 184 | $ | 24 | $ | 1 | $ | 1 | $ | 12 | $ | 8 | $ | 6 | $ | 254 | |||||||||||
| Charge-offs | — | — | — | — | — | — | (3) | — | (3) | ||||||||||||||||||||
| Recoveries | 1 | — | — | — | — | — | 2 | — | 3 | ||||||||||||||||||||
| Net recoveries (charge-offs) | 1 | — | — | — | — | — | (1) | — | — | ||||||||||||||||||||
Provision (a) | 2 | 15 | 8 | — | — | 3 | 2 | (2) | 28 | ||||||||||||||||||||
| Ending balance | $ | 21 | $ | 199 | $ | 32 | $ | 1 | $ | 1 | $ | 15 | $ | 9 | $ | 4 | $ | 282 | |||||||||||
| Nonperforming assets | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||
| Recorded investment | Recorded investment | ||||||||||||||||||||||
| With an allowance | Without an allowance | With an allowance | Without an allowance | ||||||||||||||||||||
| (in millions) | Total | Total | |||||||||||||||||||||
| Nonperforming loans: | |||||||||||||||||||||||
| Commercial real estate | $ | 185 | $ | — | $ | 185 | $ | 189 | $ | — | $ | 189 | |||||||||||
| Other residential mortgages | 20 | 1 | 21 | 23 | 1 | 24 | |||||||||||||||||
| Wealth management mortgages | 6 | 14 | 20 | 7 | 12 | 19 | |||||||||||||||||
| Total nonperforming loans | 211 | 15 | 226 | 219 | 13 | 232 | |||||||||||||||||
| Other assets owned | — | 1 | 1 | — | 5 | 5 | |||||||||||||||||
| Total nonperforming assets | $ | 211 | $ | 16 | $ | 227 | $ | 219 | $ | 18 | $ | 237 | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Past due loans and still accruing interest | June 30, 2024 | Dec. 31, 2023 | ||||||||||||||||||||||||||||||
| Days past due | Total past due | Days past due | Total past due | |||||||||||||||||||||||||||||
| (in millions) | 30-59 | 60-89 | ≥90 | 30-59 | 60-89 | ≥90 | ||||||||||||||||||||||||||
| Wealth management loans | $ | 45 | $ | — | $ | — | $ | 45 | $ | 52 | $ | — | $ | — | $ | 52 | ||||||||||||||||
| Commercial real estate | 16 | — | — | 16 | 9 | 3 | — | 12 | ||||||||||||||||||||||||
| Other residential mortgages | 11 | 1 | — | 12 | 7 | 1 | — | 8 | ||||||||||||||||||||||||
| Wealth management mortgages | — | 8 | — | 8 | 26 | 3 | — | 29 | ||||||||||||||||||||||||
| Financial institutions | — | — | — | — | 339 | (a) | — | — | 339 | |||||||||||||||||||||||
| Total past due loans | $ | 72 | $ | 9 | $ | — | $ | 81 | $ | 433 | $ | 7 | $ | — | $ | 440 | ||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Credit profile of the loan portfolio | June 30, 2024 | |||||||||||||||||||||||||||||||
| Revolving loans | ||||||||||||||||||||||||||||||||
| Originated, at amortized cost | Amortized cost | Converted to term loans – Amortized cost | Accrued interest receivable | |||||||||||||||||||||||||||||
| (in millions) | YTD24 | 2023 | 2022 | 2021 | 2020 | Prior to 2020 | Total (a) | |||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Investment grade | $ | 16 | $ | 125 | $ | 33 | $ | 58 | $ | — | $ | 116 | $ | 1,816 | $ | — | $ | 2,164 | ||||||||||||||
| Non-investment grade | 2 | — | — | 24 | — | — | 57 | — | 83 | |||||||||||||||||||||||
| Total commercial | 18 | 125 | 33 | 82 | — | 116 | 1,873 | — | 2,247 | $ | 2 | |||||||||||||||||||||
Commercial real estate: (b) | ||||||||||||||||||||||||||||||||
| Investment grade | 168 | 534 | 719 | 475 | 561 | 1,661 | 228 | 22 | 4,368 | |||||||||||||||||||||||
| Non-investment grade | 210 | 268 | 869 | 429 | 271 | 438 | 89 | — | 2,574 | |||||||||||||||||||||||
| Total commercial real estate | 378 | 802 | 1,588 | 904 | 832 | 2,099 | 317 | 22 | 6,942 | 32 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||||||||
| Investment grade | 342 | 393 | 24 | 26 | 72 | 8 | 9,954 | — | 10,819 | |||||||||||||||||||||||
| Non-investment grade | 55 | — | 10 | — | — | — | 1,285 | — | 1,350 | |||||||||||||||||||||||
| Total financial institutions | 397 | 393 | 34 | 26 | 72 | 8 | 11,239 | — | 12,169 | 124 | ||||||||||||||||||||||
| Wealth management loans: | ||||||||||||||||||||||||||||||||
| Investment grade | 6 | 30 | 31 | 109 | 29 | 145 | 8,347 | 100 | 8,797 | |||||||||||||||||||||||
| Non-investment grade | — | — | — | — | — | — | 26 | — | 26 | |||||||||||||||||||||||
| Total wealth management loans | 6 | 30 | 31 | 109 | 29 | 145 | 8,373 | 100 | 8,823 | 63 | ||||||||||||||||||||||
Wealth management mortgages (b) | 222 | 829 | 1,621 | 1,871 | 841 | 3,616 | 18 | — | 9,018 | 24 | ||||||||||||||||||||||
| Lease financings | — | — | — | 12 | 35 | 553 | — | — | 600 | — | ||||||||||||||||||||||
Other residential mortgages (b) | — | 174 | 543 | 197 | 5 | 200 | — | — | 1,119 | 4 | ||||||||||||||||||||||
| Capital call financing | 41 | 10 | — | — | — | — | 4,055 | — | 4,106 | 14 | ||||||||||||||||||||||
| Other loans | — | — | — | — | — | — | 2,837 | — | 2,837 | 6 | ||||||||||||||||||||||
| Margin loans | 8,546 | — | — | — | — | — | 11,042 | — | 19,588 | 39 | ||||||||||||||||||||||
| Total loans | $ | 9,608 | $ | 2,363 | $ | 3,850 | $ | 3,201 | $ | 1,814 | $ | 6,737 | $ | 39,754 | $ | 122 | $ | 67,449 | $ | 308 | ||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Credit profile of the loan portfolio | Dec. 31, 2023 | |||||||||||||||||||||||||||||||
| Revolving loans | ||||||||||||||||||||||||||||||||
| Originated, at amortized cost | Amortized cost | Converted to term loans – Amortized cost | Accrued interest receivable | |||||||||||||||||||||||||||||
| (in millions) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior to 2019 | Total (a) | |||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||
| Investment grade | $ | 193 | $ | 114 | $ | 70 | $ | — | $ | — | $ | 45 | $ | 1,483 | $ | — | $ | 1,905 | ||||||||||||||
| Non-investment grade | 52 | 18 | — | — | — | — | 137 | — | 207 | |||||||||||||||||||||||
| Total commercial | 245 | 132 | 70 | — | — | 45 | 1,620 | — | 2,112 | $ | 3 | |||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||||||||||
| Investment grade | 1,518 | 864 | 585 | 152 | 271 | 875 | 136 | 22 | 4,423 | |||||||||||||||||||||||
| Non-investment grade | 1,172 | 685 | 154 | 43 | 47 | 152 | 84 | — | 2,337 | |||||||||||||||||||||||
| Total commercial real estate | 2,690 | 1,549 | 739 | 195 | 318 | 1,027 | 220 | 22 | 6,760 | 30 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||||||||
| Investment grade | 616 | 74 | 57 | — | — | 10 | 6,948 | — | 7,705 | |||||||||||||||||||||||
| Non-investment grade | 134 | 10 | — | — | — | — | 2,672 | — | 2,816 | |||||||||||||||||||||||
| Total financial institutions | 750 | 84 | 57 | — | — | 10 | 9,620 | — | 10,521 | 120 | ||||||||||||||||||||||
| Wealth management loans: | ||||||||||||||||||||||||||||||||
| Investment grade | 39 | 30 | 110 | 26 | 7 | 167 | 8,542 | 101 | 9,022 | |||||||||||||||||||||||
| Non-investment grade | — | 2 | — | — | — | — | 85 | — | 87 | |||||||||||||||||||||||
| Total wealth management loans | 39 | 32 | 110 | 26 | 7 | 167 | 8,627 | 101 | 9,109 | 57 | ||||||||||||||||||||||
| Wealth management mortgages | 850 | 1,689 | 1,909 | 863 | 736 | 3,066 | 18 | — | 9,131 | 22 | ||||||||||||||||||||||
| Lease financings | 230 | — | — | 40 | 7 | 322 | — | — | 599 | — | ||||||||||||||||||||||
Other residential mortgages (b) | 184 | 561 | 200 | 5 | — | 216 | — | — | 1,166 | 5 | ||||||||||||||||||||||
| Capital call financing | 10 | — | — | — | — | — | 3,690 | — | 3,700 | 15 | ||||||||||||||||||||||
| Other loans | — | — | — | — | — | — | 2,717 | — | 2,717 | 7 | ||||||||||||||||||||||
| Margin loans | 7,283 | — | — | — | — | — | 10,728 | — | 18,011 | 41 | ||||||||||||||||||||||
| Total loans | $ | 12,281 | $ | 4,047 | $ | 3,085 | $ | 1,129 | $ | 1,068 | $ | 4,853 | $ | 37,240 | $ | 123 | $ | 63,826 | $ | 300 | ||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
Goodwill by business segment (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Consolidated | ||||||||||
Balance at Dec. 31, 2023 | ||||||||||||||
| Goodwill | $ | 7,004 | $ | 1,429 | $ | 8,508 | $ | 16,941 | ||||||
| Accumulated impairment losses | — | — | (680) | (680) | ||||||||||
| Net goodwill | $ | 7,004 | $ | 1,429 | $ | 7,828 | $ | 16,261 | ||||||
Business realignment (a) | (51) | 48 | 3 | — | ||||||||||
| Foreign currency translation | (22) | (1) | (21) | (44) | ||||||||||
Balance at June 30, 2024 | ||||||||||||||
| Goodwill | $ | 6,931 | $ | 1,476 | $ | 8,490 | $ | 16,897 | ||||||
| Accumulated impairment losses | — | — | (680) | (680) | ||||||||||
| Net goodwill | $ | 6,931 | $ | 1,476 | $ | 7,810 | $ | 16,217 | ||||||
Goodwill by business segment (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Consolidated | ||||||||||
Balance at Dec. 31, 2022 | ||||||||||||||
| Goodwill | $ | 6,973 | $ | 1,424 | $ | 8,433 | $ | 16,830 | ||||||
| Accumulated impairment losses | — | — | (680) | (680) | ||||||||||
| Net goodwill | $ | 6,973 | $ | 1,424 | $ | 7,753 | $ | 16,150 | ||||||
| Foreign currency translation | 22 | 4 | 70 | 96 | ||||||||||
Balance at June 30, 2023 | ||||||||||||||
| Goodwill | $ | 6,995 | $ | 1,428 | $ | 8,503 | $ | 16,926 | ||||||
| Accumulated impairment losses | — | — | (680) | (680) | ||||||||||
| Net goodwill | $ | 6,995 | $ | 1,428 | $ | 7,823 | $ | 16,246 | ||||||
Notes to Consolidated Financial Statements (continued) | ||
Intangible assets – net carrying amount by business segment (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | ||||||||||||
Balance at Dec. 31, 2023 | $ | 164 | $ | 378 | $ | 1,463 | $ | 849 | $ | 2,854 | |||||||
| Amortization | (14) | (2) | (9) | — | (25) | ||||||||||||
| Foreign currency translation | (2) | — | (1) | — | (3) | ||||||||||||
Balance at June 30, 2024 | $ | 148 | $ | 376 | $ | 1,453 | $ | 849 | $ | 2,826 | |||||||
Intangible assets – net carrying amount by business segment (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | ||||||||||||
Balance at Dec. 31, 2022 | $ | 193 | $ | 384 | $ | 1,475 | $ | 849 | $ | 2,901 | |||||||
| Amortization | (15) | (3) | (10) | — | (28) | ||||||||||||
| Foreign currency translation | 1 | — | 7 | — | 8 | ||||||||||||
Balance at June 30, 2023 | $ | 179 | $ | 381 | $ | 1,472 | $ | 849 | $ | 2,881 | |||||||
| Intangible assets | June 30, 2024 | Dec. 31, 2023 | ||||||||||||||||||||||||
| (dollars in millions) | Gross carrying amount | Accumulated amortization | Net carrying amount | Remaining weighted- average amortization period | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||
Subject to amortization: (a) | ||||||||||||||||||||||||||
Customer contracts – Securities Services | $ | 728 | $ | (580) | $ | 148 | 9 years | $ | 731 | $ | (567) | $ | 164 | |||||||||||||
Customer contracts – Market and Wealth Services | 280 | (275) | 5 | 2 years | 280 | (273) | 7 | |||||||||||||||||||
Customer relationships – Investment and Wealth Management | 553 | (487) | 66 | 8 years | 553 | (479) | 74 | |||||||||||||||||||
| Other | 41 | (13) | 28 | 13 years | 41 | (12) | 29 | |||||||||||||||||||
| Total subject to amortization | $ | 1,602 | $ | (1,355) | $ | 247 | 9 years | $ | 1,605 | $ | (1,331) | $ | 274 | |||||||||||||
Not subject to amortization: (b) | ||||||||||||||||||||||||||
| Tradenames | $ | 1,292 | N/A | $ | 1,292 | N/A | $ | 1,292 | N/A | $ | 1,292 | |||||||||||||||
| Customer relationships | 1,287 | N/A | 1,287 | N/A | 1,288 | N/A | 1,288 | |||||||||||||||||||
| Total not subject to amortization | $ | 2,579 | N/A | $ | 2,579 | N/A | $ | 2,580 | N/A | $ | 2,580 | |||||||||||||||
| Total intangible assets | $ | 4,181 | $ | (1,355) | $ | 2,826 | N/A | $ | 4,185 | $ | (1,331) | $ | 2,854 | |||||||||||||
| For the year ended Dec. 31, | Estimated amortization expense (in millions) | |||||||
| 2024 | $ | 50 | ||||||
| 2025 | 43 | |||||||
| 2026 | 34 | |||||||
| 2027 | 28 | |||||||
| 2028 | 24 | |||||||
Notes to Consolidated Financial Statements (continued) | ||
| Other assets | June 30, 2024 | Dec. 31, 2023 | ||||||
| (in millions) | ||||||||
| Corporate/bank-owned life insurance | $ | 5,504 | $ | 5,480 | ||||
Accounts receivable (a) | 5,200 | 6,567 | ||||||
| Software | 2,497 | 2,430 | ||||||
| Tax credit investments | 2,159 | 2,186 | ||||||
| Fails to deliver | 2,083 | 1,514 | ||||||
| Prepaid pension assets | 2,050 | 1,818 | ||||||
| Equity method investments | 896 | 873 | ||||||
| Prepaid expense | 799 | 737 | ||||||
Other equity investments (b) | 769 | 741 | ||||||
| Assets of consolidated investment management funds | 674 | 526 | ||||||
| Federal Reserve Bank stock | 474 | 480 | ||||||
| Fair value of hedging derivatives | 402 | 236 | ||||||
| Income taxes receivable | 378 | 270 | ||||||
| Cash collateral receivable on derivative transactions | 259 | 621 | ||||||
Seed capital (c) | 202 | 232 | ||||||
Other (d) | 1,154 | 1,198 | ||||||
| Total other assets | $ | 25,500 | $ | 25,909 | ||||
| Adjustments on non-readily marketable equity securities | Life-to- date | |||||||||||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | |||||||||||||||
| Upward adjustments | $ | 1 | $ | — | $ | 5 | $ | 1 | $ | 5 | $ | 336 | ||||||||
| Downward adjustments | — | — | (1) | — | (19) | (53) | ||||||||||||||
| Net adjustments | $ | 1 | $ | — | $ | 4 | $ | 1 | $ | (14) | $ | 283 | ||||||||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
| Disaggregation of contract revenue by business segment | |||||||||||||||||||||||||||||||||||
| Quarter ended | |||||||||||||||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 (a) | ||||||||||||||||||||||||||||||||||
| (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Total | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Total | |||||||||||||||||||||||||
| Fee and other revenue – contract revenue: | |||||||||||||||||||||||||||||||||||
| Investment services fees | $ | 1,327 | $ | 1,009 | $ | 23 | $ | (19) | $ | 2,340 | $ | 1,288 | $ | 943 | $ | 23 | $ | (14) | $ | 2,240 | |||||||||||||||
| Investment management and performance fees | — | 2 | 766 | (3) | 765 | — | 2 | 763 | (4) | 761 | |||||||||||||||||||||||||
| Financing-related fees | 12 | 5 | 1 | — | 18 | 10 | 4 | — | 1 | 15 | |||||||||||||||||||||||||
| Distribution and servicing fees | — | (30) | 69 | 2 | 41 | 1 | (23) | 58 | (1) | 35 | |||||||||||||||||||||||||
| Investment and other revenue | 62 | 61 | (92) | — | 31 | 60 | 50 | (79) | — | 31 | |||||||||||||||||||||||||
| Total fee and other revenue – contract revenue | 1,401 | 1,047 | 767 | (20) | 3,195 | 1,359 | 976 | 765 | (18) | 3,082 | |||||||||||||||||||||||||
Fee and other revenue – not in scope of Accounting Standards Codification (“ASC”) 606 (b)(c)(d) | 243 | 71 | 11 | 45 | 370 | 202 | 57 | 12 | 50 | 321 | |||||||||||||||||||||||||
| Total fee and other revenue | $ | 1,644 | $ | 1,118 | $ | 778 | $ | 25 | $ | 3,565 | $ | 1,561 | $ | 1,033 | $ | 777 | $ | 32 | $ | 3,403 | |||||||||||||||
| Disaggregation of contract revenue by business segment | Quarter ended | ||||||||||||||||
| March 31, 2024 | |||||||||||||||||
| (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Total | ||||||||||||
| Fee and other revenue – contract revenue: | |||||||||||||||||
| Investment services fees | $ | 1,260 | $ | 992 | $ | 26 | $ | (16) | $ | 2,262 | |||||||
| Investment management and performance fees | — | 2 | 774 | (4) | 772 | ||||||||||||
| Financing-related fees | 15 | 8 | — | — | 23 | ||||||||||||
| Distribution and servicing fees | 1 | (29) | 70 | — | 42 | ||||||||||||
| Investment and other revenue | 57 | 60 | (90) | 1 | 28 | ||||||||||||
| Total fee and other revenue – contract revenue | 1,333 | 1,033 | 780 | (19) | 3,127 | ||||||||||||
Fee and other revenue – not in scope of ASC 606 (a)(b) | 223 | 61 | 25 | 49 | 358 | ||||||||||||
| Total fee and other revenue | $ | 1,556 | $ | 1,094 | $ | 805 | $ | 30 | $ | 3,485 | |||||||
Notes to Consolidated Financial Statements (continued) | ||
| Disaggregation of contract revenue by business segment | |||||||||||||||||||||||||||||||||||
| Year-to-date | |||||||||||||||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 (a) | ||||||||||||||||||||||||||||||||||
| (in millions) | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Total | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Total | |||||||||||||||||||||||||
| Fee and other revenue – contract revenue: | |||||||||||||||||||||||||||||||||||
| Investment services fees | $ | 2,587 | $ | 2,001 | $ | 49 | $ | (35) | $ | 4,602 | $ | 2,457 | $ | 1,875 | $ | 47 | $ | (29) | $ | 4,350 | |||||||||||||||
| Investment management and performance fees | — | 4 | 1,540 | (7) | 1,537 | — | 4 | 1,547 | (7) | 1,544 | |||||||||||||||||||||||||
| Financing-related fees | 27 | 13 | 1 | — | 41 | 23 | 9 | — | 1 | 33 | |||||||||||||||||||||||||
| Distribution and servicing fees | 1 | (59) | 139 | 2 | 83 | 1 | (46) | 113 | — | 68 | |||||||||||||||||||||||||
| Investment and other revenue | 119 | 121 | (182) | 1 | 59 | 120 | 100 | (159) | 1 | 62 | |||||||||||||||||||||||||
| Total fee and other revenue – contract revenue | 2,734 | 2,080 | 1,547 | (39) | 6,322 | 2,601 | 1,942 | 1,548 | (34) | 6,057 | |||||||||||||||||||||||||
Fee and other revenue – not in scope of ASC 606 (b)(c)(d) | 466 | 132 | 36 | 94 | 728 | 403 | 109 | 14 | 107 | 633 | |||||||||||||||||||||||||
| Total fee and other revenue | $ | 3,200 | $ | 2,212 | $ | 1,583 | $ | 55 | $ | 7,050 | $ | 3,004 | $ | 2,051 | $ | 1,562 | $ | 73 | $ | 6,690 | |||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Net interest income | Quarter ended | Year-to-date | ||||||||||||||||||
| (in millions) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| Interest income | ||||||||||||||||||||
| Deposits with the Federal Reserve and other central banks | $ | 1,201 | $ | 1,219 | $ | 1,241 | $ | 2,420 | $ | 2,094 | ||||||||||
| Deposits with banks | 110 | 121 | 128 | 231 | 268 | |||||||||||||||
| Federal funds sold and securities purchased under resale agreements | 2,631 | 2,433 | 1,776 | 5,064 | 2,767 | |||||||||||||||
| Loans | 1,119 | 1,061 | 957 | 2,180 | 1,823 | |||||||||||||||
| Securities: | ||||||||||||||||||||
| Taxable | 1,256 | 1,193 | 1,042 | 2,449 | 2,064 | |||||||||||||||
| Exempt from federal income taxes | — | — | — | — | — | |||||||||||||||
| Total securities | 1,256 | 1,193 | 1,042 | 2,449 | 2,064 | |||||||||||||||
| Trading securities | 75 | 69 | 80 | 144 | 150 | |||||||||||||||
| Total interest income | 6,392 | 6,096 | 5,224 | 12,488 | 9,166 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 2,255 | 2,187 | 1,739 | 4,442 | 3,105 | |||||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | 2,433 | 2,243 | 1,729 | 4,676 | 2,621 | |||||||||||||||
| Trading liabilities | 23 | 21 | 43 | 44 | 73 | |||||||||||||||
| Other borrowed funds | 8 | 4 | 32 | 12 | 35 | |||||||||||||||
| Commercial paper | 13 | — | — | 13 | — | |||||||||||||||
| Customer payables | 161 | 146 | 143 | 307 | 271 | |||||||||||||||
| Long-term debt | 469 | 455 | 438 | 924 | 833 | |||||||||||||||
| Total interest expense | 5,362 | 5,056 | 4,124 | 10,418 | 6,938 | |||||||||||||||
| Net interest income | 1,030 | 1,040 | 1,100 | 2,070 | 2,228 | |||||||||||||||
| Provision for credit losses | — | 27 | 5 | 27 | 32 | |||||||||||||||
| Net interest income after provision for credit losses | $ | 1,030 | $ | 1,013 | $ | 1,095 | $ | 2,043 | $ | 2,196 | ||||||||||
Net periodic benefit (credit) cost | Quarter ended | ||||||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||
| (in millions) | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | ||||||||||||||||||||||||||
| Service cost | $ | — | $ | 3 | $ | — | $ | — | $ | 3 | $ | — | $ | — | $ | 2 | $ | — | |||||||||||||||||
| Interest cost | 46 | 9 | 1 | 45 | 10 | 1 | 47 | 9 | 2 | ||||||||||||||||||||||||||
| Expected return on assets | (95) | (19) | (2) | (95) | (20) | (2) | (95) | (22) | (3) | ||||||||||||||||||||||||||
| Other | 6 | (1) | (2) | 6 | (1) | (2) | 3 | (4) | (3) | ||||||||||||||||||||||||||
| Net periodic benefit (credit) | $ | (43) | $ | (8) | $ | (3) | $ | (44) | $ | (8) | $ | (3) | $ | (45) | $ | (15) | $ | (4) | |||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Net periodic benefit (credit) cost | Year-to-date | ||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||
| (in millions) | Domestic pension benefits | Foreign pension benefits | Health care benefits | Domestic pension benefits | Foreign pension benefits | Health care benefits | |||||||||||||||||
| Service cost | $ | — | $ | 6 | $ | — | $ | — | $ | 5 | $ | — | |||||||||||
| Interest cost | 91 | 19 | 2 | 95 | 17 | 3 | |||||||||||||||||
| Expected return on assets | (190) | (39) | (4) | (190) | (44) | (5) | |||||||||||||||||
| Other | 12 | (2) | (4) | 5 | (7) | (6) | |||||||||||||||||
| Net periodic benefit (credit) | $ | (87) | $ | (16) | $ | (6) | $ | (90) | $ | (29) | $ | (8) | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Consolidated investment management funds | |||||||||||
| June 30, 2024 | Dec. 31, 2023 | ||||||||||
| (in millions) | |||||||||||
| Trading assets | $ | 652 | $ | 510 | |||||||
| Other assets | 22 | 16 | |||||||||
Total assets (a) | $ | 674 | $ | 526 | |||||||
| Other liabilities | $ | 5 | $ | 1 | |||||||
Total liabilities (b) | $ | 5 | $ | 1 | |||||||
Nonredeemable noncontrolling interests (c) | $ | 186 | $ | 50 | |||||||
| Non-consolidated VIEs | June 30, 2024 | Dec. 31, 2023 | ||||||
| (in millions) | ||||||||
| Other assets | $ | 2,242 | $ | 2,261 | ||||
| Other liabilities | 846 | 780 | ||||||
| Maximum loss exposure | 3,088 | 3,041 | ||||||
Preferred stock summary (a) | Total shares issued and outstanding | Carrying value (b) | ||||||||||||||||||
| (in millions) | ||||||||||||||||||||
| June 30, 2024 | Dec. 31, 2023 | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||
Per annum dividend rate (c) | ||||||||||||||||||||
| Series A | Greater of (i) SOFR plus 0.565% and (ii) 4.000% | 5,001 | 5,001 | $ | 500 | $ | 500 | |||||||||||||
| Series F | 4.625% to but excluding Sept. 20, 2026, then SOFR plus 3.131% | 10,000 | 10,000 | 990 | 990 | |||||||||||||||
| Series G | 4.700% to but excluding Sept. 20, 2025, then a floating rate equal to the five-year treasury rate plus 4.358% | 10,000 | 10,000 | 990 | 990 | |||||||||||||||
| Series H | 3.700% to but excluding March 20, 2026, then a floating rate equal to the five-year treasury rate plus 3.352% | 5,825 | 5,825 | 576 | 576 | |||||||||||||||
| Series I | 3.750% to but excluding Dec. 20, 2026, then a floating rate equal to the five-year treasury rate plus 2.630% | 13,000 | 13,000 | 1,287 | 1,287 | |||||||||||||||
| Total | 43,826 | 43,826 | $ | 4,343 | $ | 4,343 | ||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Preferred dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in millions, except per share amounts) | Depositary shares per share | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Per share | Total dividend | Per share | Total dividend | Per share | Total dividend | Per share | Total dividend | Per share | Total dividend | |||||||||||||||||||||||||||||||||||||||||||||||
| Series A | 100 | (a) | $ | 1,574.00 | $ | 8 | $ | 1,566.46 | $ | 8 | $ | 1,412.60 | $ | 7 | $ | 3,140.46 | $ | 16 | $ | 2,740.32 | $ | 14 | ||||||||||||||||||||||||||||||||||
| Series D | 100 | N/A | N/A | N/A | N/A | 2,250.00 | 11 | N/A | N/A | 2,250.00 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
| Series F | 100 | — | — | 2,312.50 | 23 | — | — | 2,312.50 | 23 | 2,312.50 | 23 | |||||||||||||||||||||||||||||||||||||||||||||
| Series G | 100 | — | — | 2,350.00 | 24 | — | — | 2,350.00 | 24 | 2,350.00 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
| Series H | 100 | 925.00 | 5 | 925.00 | 5 | 925.00 | 6 | 1,850.00 | 10 | 1,850.00 | 11 | |||||||||||||||||||||||||||||||||||||||||||||
| Series I | 100 | 937.50 | 12 | 937.50 | 12 | 937.50 | 12 | 1,875.00 | 24 | 1,875.00 | 24 | |||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 25 | $ | 72 | $ | 36 | $ | 97 | $ | 107 | ||||||||||||||||||||||||||||||||||||||||||||||
| Components of other comprehensive income (loss) | Quarter ended | ||||||||||||||||||||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | |||||||||||||||||||||||||||||||||
| (in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | ||||||||||||||||||||||||||
| Foreign currency translation: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments arising during the period (a) | $ | (9) | $ | (21) | $ | (30) | $ | (44) | $ | (47) | $ | (91) | $ | 61 | $ | 36 | $ | 97 | |||||||||||||||||
| Total foreign currency translation | (9) | (21) | (30) | (44) | (47) | (91) | 61 | 36 | 97 | ||||||||||||||||||||||||||
| Unrealized gain on assets available-for-sale: | |||||||||||||||||||||||||||||||||||
| Unrealized (loss) gain arising during period | (13) | 2 | (11) | 137 | (34) | 103 | (202) | 45 | (157) | ||||||||||||||||||||||||||
Reclassification adjustment (b) | 17 | (4) | 13 | 1 | — | 1 | — | — | — | ||||||||||||||||||||||||||
| Net unrealized gain (loss) on assets available-for-sale | 4 | (2) | 2 | 138 | (34) | 104 | (202) | 45 | (157) | ||||||||||||||||||||||||||
| Defined benefit plans: | |||||||||||||||||||||||||||||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) | 4 | (1) | 3 | 3 | — | 3 | (4) | 2 | (2) | ||||||||||||||||||||||||||
| Total defined benefit plans | 4 | (1) | 3 | 3 | — | 3 | (4) | 2 | (2) | ||||||||||||||||||||||||||
| Unrealized gain (loss) on cash flow hedges: | |||||||||||||||||||||||||||||||||||
| Unrealized hedge gain arising during period | 3 | (1) | 2 | 4 | (1) | 3 | 3 | (1) | 2 | ||||||||||||||||||||||||||
| Reclassification of net (gain) loss to net income: | |||||||||||||||||||||||||||||||||||
| Foreign exchange (“FX”) contracts – staff expense | (2) | 1 | (1) | (2) | — | (2) | — | — | — | ||||||||||||||||||||||||||
| FX contracts – investment and other revenue | — | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||||
| Total reclassifications to net income | (2) | 1 | (1) | (2) | — | (2) | 1 | — | 1 | ||||||||||||||||||||||||||
| Net unrealized gain on cash flow hedges | 1 | — | 1 | 2 | (1) | 1 | 4 | (1) | 3 | ||||||||||||||||||||||||||
| Total other comprehensive income (loss) | $ | — | $ | (24) | $ | (24) | $ | 99 | $ | (82) | $ | 17 | $ | (141) | $ | 82 | $ | (59) | |||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Components of other comprehensive income (loss) | Year-to-date | ||||||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||
| (in millions) | Pre-tax amount | Tax (expense) benefit | After-tax amount | Pre-tax amount | Tax (expense) benefit | After-tax amount | |||||||||||||||||
| Foreign currency translation: | |||||||||||||||||||||||
Foreign currency translation adjustments arising during the period (a) | $ | (53) | $ | (68) | $ | (121) | $ | 138 | $ | 62 | $ | 200 | |||||||||||
| Total foreign currency translation | (53) | (68) | (121) | 138 | 62 | 200 | |||||||||||||||||
| Unrealized gain on assets available-for-sale: | |||||||||||||||||||||||
| Unrealized gain arising during period | 124 | (32) | 92 | 217 | (57) | 160 | |||||||||||||||||
Reclassification adjustment (b) | 18 | (4) | 14 | 1 | — | 1 | |||||||||||||||||
| Net unrealized gain on assets available-for-sale | 142 | (36) | 106 | 218 | (57) | 161 | |||||||||||||||||
| Defined benefit plans: | |||||||||||||||||||||||
Amortization of prior service credit, net loss and initial obligation included in net periodic benefit cost (b) | 7 | (1) | 6 | (8) | 3 | (5) | |||||||||||||||||
| Total defined benefit plans | 7 | (1) | 6 | (8) | 3 | (5) | |||||||||||||||||
| Unrealized gain on cash flow hedges: | |||||||||||||||||||||||
| Unrealized hedge gain arising during period | 7 | (2) | 5 | 7 | (2) | 5 | |||||||||||||||||
| Reclassification of net loss to net income: | |||||||||||||||||||||||
| FX contracts – staff expense | (4) | 1 | (3) | 3 | (1) | 2 | |||||||||||||||||
| FX contracts – investment and other revenue | — | — | — | 1 | — | 1 | |||||||||||||||||
| Total reclassifications to net income | (4) | 1 | (3) | 4 | (1) | 3 | |||||||||||||||||
| Net unrealized gain on cash flow hedges | 3 | (1) | 2 | 11 | (3) | 8 | |||||||||||||||||
| Total other comprehensive income (loss) | $ | 99 | $ | (106) | $ | (7) | $ | 359 | $ | 5 | $ | 364 | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Assets and liabilities measured at fair value on a recurring basis at June 30, 2024 | Total carrying value | ||||||||||||||||
| (dollars in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||||
| Assets: | |||||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
Non-U.S. government (b) | $ | 4,031 | $ | 20,920 | $ | — | $ | — | $ | 24,951 | |||||||
| U.S. Treasury | 19,490 | — | — | — | 19,490 | ||||||||||||
| Agency RMBS | — | 16,891 | — | — | 16,891 | ||||||||||||
| Agency commercial MBS | — | 7,548 | — | — | 7,548 | ||||||||||||
| Foreign covered bonds | — | 7,329 | — | — | 7,329 | ||||||||||||
| CLOs | — | 6,370 | — | — | 6,370 | ||||||||||||
| Non-agency commercial MBS | — | 2,819 | — | — | 2,819 | ||||||||||||
| U.S. government agencies | — | 2,552 | — | — | 2,552 | ||||||||||||
| Non-agency RMBS | — | 1,647 | — | — | 1,647 | ||||||||||||
| Other ABS | — | 823 | — | — | 823 | ||||||||||||
| Other debt securities | — | 1 | — | — | 1 | ||||||||||||
| Total available-for-sale securities | 23,521 | 66,900 | — | — | 90,421 | ||||||||||||
| Trading assets: | |||||||||||||||||
| Debt instruments | 1,407 | 2,016 | — | — | 3,423 | ||||||||||||
| Equity instruments | 5,202 | — | — | — | 5,202 | ||||||||||||
| Derivative assets not designated as hedging: | |||||||||||||||||
| Interest rate | 6 | 870 | — | (861) | 15 | ||||||||||||
| Foreign exchange | — | 4,935 | — | (3,966) | 969 | ||||||||||||
| Equity and other contracts | — | 15 | — | (15) | — | ||||||||||||
| Total derivative assets not designated as hedging | 6 | 5,820 | — | (4,842) | 984 | ||||||||||||
| Total trading assets | 6,615 | 7,836 | — | (4,842) | 9,609 | ||||||||||||
| Other assets: | |||||||||||||||||
| Derivative assets designated as hedging: | |||||||||||||||||
| Interest rate | — | 295 | — | — | 295 | ||||||||||||
| Foreign exchange | — | 107 | — | — | 107 | ||||||||||||
| Total derivative assets designated as hedging | — | 402 | — | — | 402 | ||||||||||||
Other assets (c) | 454 | 555 | — | — | 1,009 | ||||||||||||
| Total other assets | 454 | 957 | — | — | 1,411 | ||||||||||||
Assets measured at NAV (c) | 166 | ||||||||||||||||
| Total assets | $ | 30,590 | $ | 75,693 | $ | — | $ | (4,842) | $ | 101,607 | |||||||
| Percentage of total assets prior to netting | 29 | % | 71 | % | — | % | |||||||||||
| Liabilities: | |||||||||||||||||
| Trading liabilities: | |||||||||||||||||
| Debt instruments | $ | 1,465 | $ | 31 | $ | — | $ | — | $ | 1,496 | |||||||
| Equity instruments | 18 | — | — | — | 18 | ||||||||||||
| Derivative liabilities not designated as hedging: | |||||||||||||||||
| Interest rate | 3 | 1,289 | — | (519) | 773 | ||||||||||||
| Foreign exchange | — | 4,938 | — | (3,893) | 1,045 | ||||||||||||
| Equity and other contracts | 1 | 102 | — | (63) | 40 | ||||||||||||
| Total derivative liabilities not designated as hedging | 4 | 6,329 | — | (4,475) | 1,858 | ||||||||||||
| Total trading liabilities | 1,487 | 6,360 | — | (4,475) | 3,372 | ||||||||||||
| Other liabilities: | |||||||||||||||||
| Derivative liabilities designated as hedging: | |||||||||||||||||
| Foreign exchange | — | 41 | — | — | 41 | ||||||||||||
| Total derivative liabilities designated as hedging | — | 41 | — | — | 41 | ||||||||||||
| Other liabilities | — | 22 | — | — | 22 | ||||||||||||
| Total other liabilities | — | 63 | — | — | 63 | ||||||||||||
| Total liabilities | $ | 1,487 | $ | 6,423 | $ | — | $ | (4,475) | $ | 3,435 | |||||||
| Percentage of total liabilities prior to netting | 19 | % | 81 | % | — | % | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Assets and liabilities measured at fair value on a recurring basis at Dec. 31, 2023 | Total carrying value | ||||||||||||||||
| (dollars in millions) | Level 1 | Level 2 | Level 3 | Netting (a) | |||||||||||||
| Assets: | |||||||||||||||||
| Available-for-sale securities: | |||||||||||||||||
Non-U.S. government (b) | $ | 2,439 | $ | 15,943 | $ | — | $ | — | $ | 18,382 | |||||||
| U.S. Treasury | 16,604 | — | — | — | 16,604 | ||||||||||||
| Agency RMBS | — | 13,111 | — | — | 13,111 | ||||||||||||
| Agency commercial MBS | — | 7,729 | — | — | 7,729 | ||||||||||||
| Foreign covered bonds | — | 6,334 | — | — | 6,334 | ||||||||||||
| CLOs | — | 6,137 | — | — | 6,137 | ||||||||||||
| Non-agency commercial MBS | — | 2,935 | — | — | 2,935 | ||||||||||||
| U.S. government agencies | — | 2,901 | — | — | 2,901 | ||||||||||||
| Non-agency RMBS | — | 1,740 | — | — | 1,740 | ||||||||||||
| Other ABS | — | 943 | — | — | 943 | ||||||||||||
| Other debt securities | — | 1 | — | — | 1 | ||||||||||||
| Total available-for-sale securities | 19,043 | 57,774 | — | — | 76,817 | ||||||||||||
| Trading assets: | |||||||||||||||||
| Debt instruments | 1,246 | 2,255 | — | — | 3,501 | ||||||||||||
| Equity instruments | 4,518 | — | — | — | 4,518 | ||||||||||||
| Derivative assets not designated as hedging: | |||||||||||||||||
| Interest rate | 7 | 1,053 | — | (751) | 309 | ||||||||||||
| Foreign exchange | — | 9,227 | — | (7,498) | 1,729 | ||||||||||||
| Equity and other contracts | — | 8 | — | (7) | 1 | ||||||||||||
| Total derivative assets not designated as hedging | 7 | 10,288 | — | (8,256) | 2,039 | ||||||||||||
| Total trading assets | 5,771 | 12,543 | — | (8,256) | 10,058 | ||||||||||||
Other assets: | |||||||||||||||||
| Derivative assets designated as hedging: | |||||||||||||||||
| Interest rate | — | 214 | — | — | 214 | ||||||||||||
| Foreign exchange | — | 22 | — | — | 22 | ||||||||||||
| Total derivative assets designated as hedging | — | 236 | — | — | 236 | ||||||||||||
Other assets (c) | 486 | 386 | — | — | 872 | ||||||||||||
| Total other assets | 486 | 622 | — | — | 1,108 | ||||||||||||
Assets measured at NAV (c) | 153 | ||||||||||||||||
| Total assets | $ | 25,300 | $ | 70,939 | $ | — | $ | (8,256) | $ | 88,136 | |||||||
| Percentage of total assets prior to netting | 26 | % | 74 | % | — | % | |||||||||||
| Liabilities: | |||||||||||||||||
| Trading liabilities: | |||||||||||||||||
| Debt instruments | $ | 2,508 | $ | 12 | $ | — | $ | — | $ | 2,520 | |||||||
| Equity instruments | 23 | — | — | — | 23 | ||||||||||||
| Derivative liabilities not designated as hedging: | |||||||||||||||||
| Interest rate | 8 | 1,339 | — | (635) | 712 | ||||||||||||
| Foreign exchange | — | 9,282 | — | (6,341) | 2,941 | ||||||||||||
| Equity and other contracts | 9 | 135 | — | (114) | 30 | ||||||||||||
| Total derivative liabilities not designated as hedging | 17 | 10,756 | — | (7,090) | 3,683 | ||||||||||||
| Total trading liabilities | 2,548 | 10,768 | — | (7,090) | 6,226 | ||||||||||||
| Other liabilities: | |||||||||||||||||
| Derivative liabilities designated as hedging: | |||||||||||||||||
| Foreign exchange | — | 173 | — | — | 173 | ||||||||||||
| Total derivative liabilities designated as hedging | — | 173 | — | — | 173 | ||||||||||||
| Other liabilities | — | 22 | — | — | 22 | ||||||||||||
| Total other liabilities | — | 195 | — | — | 195 | ||||||||||||
| Total liabilities | $ | 2,548 | $ | 10,963 | $ | — | $ | (7,090) | $ | 6,421 | |||||||
| Percentage of total liabilities prior to netting | 19 | % | 81 | % | — | % | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Details of certain available-for-sale securities measured at fair value on a recurring basis | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||
Total carrying value (b) | Ratings (a) | Total carrying value (b) | Ratings (a) | ||||||||||||||||||||||||||||||||||||||
| AAA/ AA- | A+/ A- | BBB+/ BBB- | BB+ and lower | Not rated | AAA/ AA- | A+/ A- | BBB+/ BBB- | BB+ and lower | Not rated | ||||||||||||||||||||||||||||||||
| (dollars in millions) | |||||||||||||||||||||||||||||||||||||||||
| Non-agency RMBS, originated in: | |||||||||||||||||||||||||||||||||||||||||
| 2008-2024 | $ | 1,414 | 100 | % | — | % | — | % | — | % | — | % | $ | 1,487 | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||||
| 2007 and earlier | 233 | 5 | 12 | — | 39 | 44 | 253 | 5 | 13 | 1 | 40 | 41 | |||||||||||||||||||||||||||||
| Total non-agency RMBS | $ | 1,647 | 86 | % | 2 | % | — | % | 6 | % | 6 | % | $ | 1,740 | 86 | % | 2 | % | — | % | 6 | % | 6 | % | |||||||||||||||||
| Non-agency commercial MBS originated in: | |||||||||||||||||||||||||||||||||||||||||
| 2009-2023 | $ | 2,819 | 100 | % | — | % | — | % | — | % | — | % | $ | 2,935 | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||||
| Foreign covered bonds: | |||||||||||||||||||||||||||||||||||||||||
| Canada | $ | 2,346 | 100 | % | — | % | — | % | — | % | — | % | $ | 2,473 | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||||
| UK | 1,014 | 100 | — | — | — | — | 1,035 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Germany | 662 | 100 | — | — | — | — | 664 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Australia | 636 | 100 | — | — | — | — | 689 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Other | 2,671 | 100 | — | — | — | — | 1,473 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Total foreign covered bonds | $ | 7,329 | 100 | % | — | % | — | % | — | % | — | % | $ | 6,334 | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||||
| Non-U.S. government: | |||||||||||||||||||||||||||||||||||||||||
| Germany | $ | 2,737 | 100 | % | — | % | — | % | — | % | — | % | $ | 2,658 | 100 | % | — | % | — | % | — | % | — | % | |||||||||||||||||
| UK | 2,353 | 100 | — | — | — | — | 1,316 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| France | 1,697 | 100 | — | — | — | — | 1,562 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Canada | 1,604 | 91 | 9 | — | — | — | 1,336 | 95 | 5 | — | — | — | |||||||||||||||||||||||||||||
| Belgium | 891 | 100 | — | — | — | — | 511 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Finland | 648 | 100 | — | — | — | — | 282 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Spain | 623 | — | 8 | 92 | — | — | 293 | — | 17 | 83 | — | — | |||||||||||||||||||||||||||||
| Netherlands | 532 | 100 | — | — | — | — | 334 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Singapore | 387 | 100 | — | — | — | — | 302 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Japan | 384 | — | 100 | — | — | — | 410 | — | 100 | — | — | — | |||||||||||||||||||||||||||||
| Norway | 351 | 100 | — | — | — | — | 374 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
Other (c) | 1,697 | 63 | 17 | 12 | 8 | — | 1,348 | 70 | 3 | 17 | 10 | — | |||||||||||||||||||||||||||||
| Supranational | 11,047 | 100 | — | — | — | — | 7,656 | 100 | — | — | — | — | |||||||||||||||||||||||||||||
| Total non-U.S. government: | $ | 24,951 | 93 | % | 3 | % | 3 | % | 1 | % | — | % | $ | 18,382 | 94 | % | 3 | % | 2 | % | 1 | % | — | % | |||||||||||||||||
Assets measured at fair value on a nonrecurring basis | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||||||||
| Total carrying value | Total carrying value | ||||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Loans (a) | $ | — | $ | 27 | $ | — | $ | 27 | $ | — | $ | 28 | $ | — | $ | 28 | |||||||||||||
Other assets (b) | — | 494 | — | 494 | — | 481 | — | 481 | |||||||||||||||||||||
| Total assets at fair value on a nonrecurring basis | $ | — | $ | 521 | $ | — | $ | 521 | $ | — | $ | 509 | $ | — | $ | 509 | |||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Summary of financial instruments | June 30, 2024 | ||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||||
| Assets: | |||||||||||||||||
Interest-bearing deposits with the Federal Reserve and other central banks | $ | — | $ | 116,139 | $ | — | $ | 116,139 | $ | 116,139 | |||||||
| Interest-bearing deposits with banks | — | 11,494 | — | 11,494 | 11,488 | ||||||||||||
| Federal funds sold and securities purchased under resale agreements | — | 29,723 | — | 29,723 | 29,723 | ||||||||||||
| Securities held-to-maturity | 8,345 | 32,942 | — | 41,287 | 46,429 | ||||||||||||
Loans (a) | — | 68,641 | — | 68,641 | 69,757 | ||||||||||||
| Other financial assets | 5,311 | 2,307 | — | 7,618 | 7,618 | ||||||||||||
| Total | $ | 13,656 | $ | 261,246 | $ | — | $ | 274,902 | $ | 281,154 | |||||||
| Liabilities: | |||||||||||||||||
| Noninterest-bearing deposits | $ | — | $ | 58,029 | $ | — | $ | 58,029 | $ | 58,029 | |||||||
| Interest-bearing deposits | — | 241,568 | — | 241,568 | 246,282 | ||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | — | 15,701 | — | 15,701 | 15,701 | ||||||||||||
| Payables to customers and broker-dealers | — | 17,569 | — | 17,569 | 17,569 | ||||||||||||
| Commercial paper | — | 301 | — | 301 | 301 | ||||||||||||
| Borrowings | — | 1,117 | — | 1,117 | 1,117 | ||||||||||||
| Long-term debt | — | 30,037 | — | 30,037 | 30,947 | ||||||||||||
| Total | $ | — | $ | 364,322 | $ | — | $ | 364,322 | $ | 369,946 | |||||||
| Summary of financial instruments | Dec. 31, 2023 | ||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total estimated fair value | Carrying amount | ||||||||||||
| Assets: | |||||||||||||||||
Interest-bearing deposits with the Federal Reserve and other central banks | $ | — | $ | 111,550 | $ | — | $ | 111,550 | $ | 111,550 | |||||||
| Interest-bearing deposits with banks | — | 12,134 | — | 12,134 | 12,139 | ||||||||||||
| Federal funds sold and securities purchased under resale agreements | — | 28,900 | — | 28,900 | 28,900 | ||||||||||||
| Securities held-to-maturity | 9,545 | 35,166 | — | 44,711 | 49,578 | ||||||||||||
Loans (a) | — | 65,026 | — | 65,026 | 65,977 | ||||||||||||
| Other financial assets | 4,922 | 2,149 | — | 7,071 | 7,071 | ||||||||||||
| Total | $ | 14,467 | $ | 254,925 | $ | — | $ | 269,392 | $ | 275,215 | |||||||
| Liabilities: | |||||||||||||||||
| Noninterest-bearing deposits | $ | — | $ | 58,274 | $ | — | $ | 58,274 | $ | 58,274 | |||||||
| Interest-bearing deposits | — | 221,463 | — | 221,463 | 225,395 | ||||||||||||
| Federal funds purchased and securities sold under repurchase agreements | — | 14,507 | — | 14,507 | 14,507 | ||||||||||||
| Payables to customers and broker-dealers | — | 18,395 | — | 18,395 | 18,395 | ||||||||||||
| Borrowings | — | 1,274 | — | 1,274 | 1,274 | ||||||||||||
| Long-term debt | — | 30,596 | — | 30,596 | 31,257 | ||||||||||||
| Total | $ | — | $ | 344,509 | $ | — | $ | 344,509 | $ | 349,102 | |||||||
Notes to Consolidated Financial Statements (continued) | ||
Assets and liabilities of consolidated investment management funds, at fair value | ||||||||
| June 30, 2024 | Dec. 31, 2023 | |||||||
| (in millions) | ||||||||
| Assets of consolidated investment management funds: | ||||||||
| Trading assets | $ | 652 | $ | 510 | ||||
| Other assets | 22 | 16 | ||||||
| Total assets of consolidated investment management funds | $ | 674 | $ | 526 | ||||
| Liabilities of consolidated investment management funds: | ||||||||
| Other liabilities | $ | 5 | $ | 1 | ||||
| Total liabilities of consolidated investment management funds | $ | 5 | $ | 1 | ||||
Notes to Consolidated Financial Statements (continued) | ||
| Income statement impact of fair value and cash flow hedges | ||||||||||||||||||||
| (in millions) | Location of gains (losses) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||||
| Interest rate fair value hedges of available-for-sale securities | ||||||||||||||||||||
| Derivative | Interest income | $ | 79 | $ | 449 | $ | 388 | $ | 528 | $ | (47) | |||||||||
| Hedged item | Interest income | (77) | (449) | (389) | (526) | 45 | ||||||||||||||
| Interest rate fair value hedges of long-term debt | ||||||||||||||||||||
| Derivative | Interest expense | 13 | (221) | (277) | (208) | 2 | ||||||||||||||
| Hedged item | Interest expense | (13) | 221 | 278 | 208 | (1) | ||||||||||||||
| Interest rate fair value hedges of loans | ||||||||||||||||||||
| Derivative | Interest expense | (14) | (1) | — | (15) | — | ||||||||||||||
| Hedged item | Interest expense | 14 | 1 | — | 15 | — | ||||||||||||||
| Cash flow hedges of forecasted FX exposures | ||||||||||||||||||||
| Gain (loss) reclassified from OCI into income | Staff expense | 2 | 2 | — | 4 | (3) | ||||||||||||||
| (Loss) reclassified from OCI into income | Investment and other revenue | — | — | (1) | — | (1) | ||||||||||||||
| Gain (loss) recognized in the consolidated income statement due to fair value and cash flow hedging relationships | $ | 4 | $ | 2 | $ | (1) | $ | 6 | $ | (5) | ||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Impact of derivative instruments used in net investment hedging relationships | ||||||||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||||||||
| Derivatives in net investment hedging relationships | Gain or (loss) recognized in accumulated OCI on derivatives | Location of gain or (loss) reclassified from accumulated OCI into income | Gain or (loss) reclassified from accumulated OCI into income | |||||||||||||||||||||||||||||||||||
| 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | |||||||||||||||||||||||||||||
| FX contracts | $ | 87 | $ | 198 | $ | (152) | $ | 285 | $ | (263) | Net interest income | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
| Hedged items in fair value hedging relationships | Carrying amount of hedged asset or liability | Hedge accounting basis adjustment increase (decrease) (a) | |||||||||||||||
| (in millions) | June 30, 2024 | Dec. 31, 2023 | June 30, 2024 | Dec. 31, 2023 | |||||||||||||
Available-for-sale securities (b)(c) | $ | 33,988 | $ | 29,941 | $ | (2,163) | $ | (1,767) | |||||||||
Loans (d) | $ | 1,407 | $ | — | $ | 15 | $ | — | |||||||||
| Long-term debt | $ | 21,807 | $ | 21,854 | $ | (1,043) | $ | (846) | |||||||||
| Impact of derivative instruments on the balance sheet | Notional value | Asset derivatives fair value | Liability derivatives fair value | |||||||||||||||||||||||
| June 30, 2024 | Dec. 31, 2023 | June 30, 2024 | Dec. 31, 2023 | June 30, 2024 | Dec. 31, 2023 | |||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments: (a)(b) | ||||||||||||||||||||||||||
| Interest rate contracts | $ | 58,561 | $ | 52,808 | $ | 295 | $ | 214 | $ | — | $ | — | ||||||||||||||
| Foreign exchange contracts | 11,254 | 11,099 | 107 | 22 | 41 | 173 | ||||||||||||||||||||
| Total derivatives designated as hedging instruments | $ | 402 | $ | 236 | $ | 41 | $ | 173 | ||||||||||||||||||
Derivatives not designated as hedging instruments: (b)(c) | ||||||||||||||||||||||||||
| Interest rate contracts | $ | 156,069 | $ | 155,535 | $ | 876 | $ | 1,060 | $ | 1,292 | $ | 1,347 | ||||||||||||||
| Foreign exchange contracts | 994,914 | 944,241 | 4,935 | 9,227 | 4,938 | 9,282 | ||||||||||||||||||||
| Equity contracts | 4,584 | 3,886 | 15 | 8 | 99 | 138 | ||||||||||||||||||||
| Credit contracts | 255 | 220 | — | — | 4 | 6 | ||||||||||||||||||||
| Total derivatives not designated as hedging instruments | $ | 5,826 | $ | 10,295 | $ | 6,333 | $ | 10,773 | ||||||||||||||||||
Total derivatives fair value (d) | $ | 6,228 | $ | 10,531 | $ | 6,374 | $ | 10,946 | ||||||||||||||||||
Effect of master netting agreements (e) | (4,842) | (8,256) | (4,475) | (7,090) | ||||||||||||||||||||||
| Fair value after effect of master netting agreements | $ | 1,386 | $ | 2,275 | $ | 1,899 | $ | 3,856 | ||||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Foreign exchange revenue and other trading revenue | |||||||||||||||||
| (in millions) | 2Q24 | 1Q24 | 2Q23 | YTD24 | YTD23 | ||||||||||||
| Foreign exchange revenue | $ | 184 | $ | 152 | $ | 158 | $ | 336 | $ | 334 | |||||||
| Other trading revenue | 77 | 69 | 53 | 146 | 98 | ||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| June 30, 2024 | Dec. 31, 2023 | |||||||
| (in millions) | ||||||||
Aggregate fair value of OTC derivatives in net liability positions (a) | $ | 1,100 | $ | 1,003 | ||||
| Collateral posted | $ | 1,190 | $ | 1,001 | ||||
Potential close-out exposures (fair value) (a) | ||||||||
| June 30, 2024 | Dec. 31, 2023 | |||||||
| (in millions) | ||||||||
If The Bank of New York Mellon’s rating changed to: (b) | ||||||||
| A3/A- | $ | 28 | $ | 115 | ||||
| Baa2/BBB | $ | 341 | $ | 792 | ||||
| Ba1/BB+ | $ | 1,179 | $ | 1,920 | ||||
Notes to Consolidated Financial Statements (continued) | ||
Offsetting of derivative assets and financial assets at Dec. 31, 2023 | |||||||||||||||||||||||
| Gross assets recognized | Gross amounts offset in the balance sheet | Net assets recognized in the balance sheet | Gross amounts not offset in the balance sheet | ||||||||||||||||||||
| (in millions) | (a) | Financial instruments | Cash collateral received | Net amount | |||||||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||||||
| Interest rate contracts | $ | 979 | $ | 751 | $ | 228 | $ | 60 | $ | — | $ | 168 | |||||||||||
| Foreign exchange contracts | 8,552 | 7,498 | 1,054 | 320 | — | 734 | |||||||||||||||||
| Equity and other contracts | 7 | 7 | — | — | — | — | |||||||||||||||||
Total derivatives subject to netting arrangements | 9,538 | 8,256 | 1,282 | 380 | — | 902 | |||||||||||||||||
Total derivatives not subject to netting arrangements | 993 | — | 993 | — | — | 993 | |||||||||||||||||
| Total derivatives | 10,531 | 8,256 | 2,275 | 380 | — | 1,895 | |||||||||||||||||
| Reverse repurchase agreements | 169,092 | 150,667 | (b) | 18,425 | 18,422 | — | 3 | ||||||||||||||||
| Securities borrowing | 10,475 | — | 10,475 | 10,011 | — | 464 | |||||||||||||||||
| Total | $ | 190,098 | $ | 158,923 | $ | 31,175 | $ | 28,813 | $ | — | $ | 2,362 | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
Offsetting of derivative liabilities and financial liabilities at Dec. 31, 2023 | Net liabilities recognized in the balance sheet | ||||||||||||||||||||||
| Gross liabilities recognized | Gross amounts offset in the balance sheet | Gross amounts not offset in the balance sheet | |||||||||||||||||||||
| (in millions) | (a) | Financial instruments | Cash collateral pledged | Net amount | |||||||||||||||||||
Derivatives subject to netting arrangements: | |||||||||||||||||||||||
| Interest rate contracts | $ | 1,118 | $ | 635 | $ | 483 | $ | 78 | $ | — | $ | 405 | |||||||||||
| Foreign exchange contracts | 8,454 | 6,341 | 2,113 | 93 | — | 2,020 | |||||||||||||||||
| Equity and other contracts | 128 | 114 | 14 | — | — | 14 | |||||||||||||||||
Total derivatives subject to netting arrangements | 9,700 | 7,090 | 2,610 | 171 | — | 2,439 | |||||||||||||||||
Total derivatives not subject to netting arrangements | 1,246 | — | 1,246 | — | — | 1,246 | |||||||||||||||||
| Total derivatives | 10,946 | 7,090 | 3,856 | 171 | — | 3,685 | |||||||||||||||||
| Repurchase agreements | 162,661 | 150,667 | (b) | 11,994 | 11,966 | 28 | — | ||||||||||||||||
| Securities lending | 2,513 | — | 2,513 | 2,404 | — | 109 | |||||||||||||||||
| Total | $ | 176,120 | $ | 157,757 | $ | 18,363 | $ | 14,541 | $ | 28 | $ | 3,794 | |||||||||||
Notes to Consolidated Financial Statements (continued) | ||
| Off-balance sheet credit risks | June 30, 2024 | Dec. 31, 2023 | ||||||
| (in millions) | ||||||||
| Lending commitments | $ | 50,158 | $ | 46,518 | ||||
Standby letters of credit (“SBLC”) (a) | 1,731 | 1,816 | ||||||
| Commercial letters of credit | 41 | 41 | ||||||
Securities lending indemnifications (b)(c) | 539,559 | 492,739 | ||||||
| Standby letters of credit | June 30, 2024 | Dec. 31, 2023 | ||||||
| Investment grade | 68 | % | 74 | % | ||||
| Non-investment grade | 32 | % | 26 | % | ||||
Notes to Consolidated Financial Statements (continued) | ||
Financial institutions portfolio exposure (in billions) | June 30, 2024 | ||||||||||
Loans | Unfunded commitments | Total exposure | |||||||||
| Securities industry | $ | 2.4 | $ | 17.8 | $ | 20.2 | |||||
| Asset managers | 1.6 | 8.2 | 9.8 | ||||||||
| Banks | 7.9 | 1.4 | 9.3 | ||||||||
| Insurance | 0.1 | 4.1 | 4.2 | ||||||||
| Government | — | 0.3 | 0.3 | ||||||||
| Other | 0.2 | 0.6 | 0.8 | ||||||||
| Total | $ | 12.2 | $ | 32.4 | $ | 44.6 | |||||
Commercial portfolio exposure (in billions) | June 30, 2024 | ||||||||||
Loans | Unfunded commitments | Total exposure | |||||||||
| Services and other | $ | 1.4 | $ | 3.6 | $ | 5.0 | |||||
| Manufacturing | 0.6 | 3.7 | 4.3 | ||||||||
| Energy and utilities | 0.2 | 4.0 | 4.2 | ||||||||
| Media and telecom | — | 0.7 | 0.7 | ||||||||
| Total | $ | 2.2 | $ | 12.0 | $ | 14.2 | |||||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
Notes to Consolidated Financial Statements (continued) | ||
For the quarter ended June 30, 2024 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 1,644 | $ | 1,118 | $ | 778 | (a) | $ | 25 | $ | 3,565 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 595 | 417 | 43 | (25) | 1,030 | |||||||||||||||||||||||||||
| Total revenue | 2,239 | 1,535 | 821 | (a) | — | 4,595 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | (3) | (2) | 4 | 1 | — | |||||||||||||||||||||||||||
| Noninterest expense | 1,554 | 833 | 668 | 15 | 3,070 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 688 | $ | 704 | $ | 149 | (a) | $ | (16) | $ | 1,525 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 31 | % | 46 | % | 18 | % | N/M | 33 | % | |||||||||||||||||||||||
| Average assets | $ | 196,015 | $ | 124,790 | $ | 26,031 | $ | 65,663 | $ | 412,499 | ||||||||||||||||||||||
For the quarter ended March 31, 2024 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 1,556 | $ | 1,094 | $ | 805 | (a) | $ | 30 | $ | 3,485 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 583 | 423 | 41 | (7) | 1,040 | |||||||||||||||||||||||||||
| Total revenue | 2,139 | 1,517 | 846 | (a) | 23 | 4,525 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | 11 | 5 | (1) | 12 | 27 | |||||||||||||||||||||||||||
| Noninterest expense | 1,537 | 834 | 740 | 65 | 3,176 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 591 | $ | 678 | $ | 107 | (a) | $ | (54) | $ | 1,322 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 28 | % | 45 | % | 13 | % | N/M | 29 | % | |||||||||||||||||||||||
| Average assets | $ | 191,544 | $ | 123,552 | $ | 26,272 | $ | 62,617 | $ | 403,985 | ||||||||||||||||||||||
For the quarter ended June 30, 2023 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | (a) | Consolidated | (a) | |||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 1,561 | $ | 1,033 | $ | 777 | (b) | $ | 32 | $ | 3,403 | (b) | ||||||||||||||||||||
| Net interest income (expense) | 668 | 420 | 39 | (27) | 1,100 | |||||||||||||||||||||||||||
| Total revenue | 2,229 | 1,453 | 816 | (b) | 5 | 4,503 | (b) | |||||||||||||||||||||||||
| Provision for credit losses | 16 | 7 | 7 | (25) | 5 | |||||||||||||||||||||||||||
| Noninterest expense | 1,567 | 794 | 679 | 71 | 3,111 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 646 | $ | 652 | $ | 130 | (b) | $ | (41) | $ | 1,387 | (b) | ||||||||||||||||||||
Pre-tax operating margin (c) | 29 | % | 45 | % | 16 | % | N/M | 31 | % | |||||||||||||||||||||||
| Average assets | $ | 202,207 | $ | 131,519 | $ | 27,399 | $ | 59,836 | $ | 420,961 | ||||||||||||||||||||||
Notes to Consolidated Financial Statements (continued) | ||
For the six months ended June 30, 2024 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | Consolidated | |||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 3,200 | $ | 2,212 | $ | 1,583 | (a) | $ | 55 | $ | 7,050 | (a) | ||||||||||||||||||||
| Net interest income (expense) | 1,178 | 840 | 84 | (32) | 2,070 | |||||||||||||||||||||||||||
| Total revenue | 4,378 | 3,052 | 1,667 | (a) | 23 | 9,120 | (a) | |||||||||||||||||||||||||
| Provision for credit losses | 8 | 3 | 3 | 13 | 27 | |||||||||||||||||||||||||||
| Noninterest expense | 3,091 | 1,667 | 1,408 | 80 | 6,246 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 1,279 | $ | 1,382 | $ | 256 | (a) | $ | (70) | $ | 2,847 | (a) | ||||||||||||||||||||
Pre-tax operating margin (b) | 29 | % | 45 | % | 15 | % | N/M | 31 | % | |||||||||||||||||||||||
| Average assets | $ | 193,780 | $ | 124,171 | $ | 26,151 | $ | 64,140 | $ | 408,242 | ||||||||||||||||||||||
For the six months ended June 30, 2023 | Securities Services | Market and Wealth Services | Investment and Wealth Management | Other | (a) | Consolidated | (a) | |||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||||
| Total fee and other revenue | $ | 3,004 | $ | 2,051 | $ | 1,562 | (b) | $ | 73 | $ | 6,690 | (b) | ||||||||||||||||||||
| Net interest income (expense) | 1,334 | 873 | 84 | (63) | 2,228 | |||||||||||||||||||||||||||
| Total revenue | 4,338 | 2,924 | 1,646 | (b) | 10 | 8,918 | (b) | |||||||||||||||||||||||||
| Provision for credit losses | 16 | 7 | 7 | 2 | 32 | |||||||||||||||||||||||||||
| Noninterest expense | 3,107 | 1,576 | 1,416 | 112 | 6,211 | |||||||||||||||||||||||||||
| Income (loss) before income taxes | $ | 1,215 | $ | 1,341 | $ | 223 | (b) | $ | (104) | $ | 2,675 | (b) | ||||||||||||||||||||
Pre-tax operating margin (c) | 28 | % | 46 | % | 14 | % | N/M | 30 | % | |||||||||||||||||||||||
| Average assets | $ | 199,399 | $ | 131,761 | $ | 27,882 | $ | 55,115 | $ | 414,157 | ||||||||||||||||||||||
| Non-cash investing and financing transactions | Six months ended June 30, | ||||||||||
| (in millions) | 2024 | 2023 | |||||||||
| Transfers from loans to other assets for other real estate owned | $ | — | $ | 1 | |||||||
| Change in assets of consolidated investment management funds | 148 | 290 | |||||||||
| Change in liabilities of consolidated investment management funds | 4 | 7 | |||||||||
| Change in nonredeemable noncontrolling interests of consolidated investment management funds | 136 | 58 | |||||||||
| Securities purchased not settled | 521 | 164 | |||||||||
| Securities sold not settled | 87 | 41 | |||||||||
| Securities matured not settled | 25 | — | |||||||||
| Premises and equipment/operating lease obligations | 166 | 183 | |||||||||
| Excise tax on share repurchases | 12 | 14 | |||||||||
| Item 4. Controls and Procedures | ||
Forward-looking Statements | ||
Forward-looking Statements (continued) | ||
Forward-looking Statements (continued) | ||
Part II – Other Information | ||
Share repurchases – second quarter of 2024 | Total shares repurchased as part of a publicly announced plan or program | Maximum approximate dollar value of shares that may yet be purchased under the publicly announced plans or programs at June 30, 2024 | ||||||||||||||||||||||||
| (dollars in millions, except per share amounts; common shares in thousands) | Total shares repurchased | Average price per share | ||||||||||||||||||||||||
| April 2024 | 930 | $ | 57.26 | 930 | $ | 7,355 | ||||||||||||||||||||
| May 2024 | 5,509 | 58.12 | 5,509 | 7,035 | ||||||||||||||||||||||
| June 2024 | 3,823 | 59.41 | 3,823 | 6,807 | ||||||||||||||||||||||
Second quarter of 2024 (a) | 10,262 | $ | 58.52 | 10,262 | $ | 6,807 | (b) | |||||||||||||||||||
Index to Exhibits | ||
| Exhibit | Description | Method of Filing | ||||||||||||
| 3.1 | Restated Certificate of Incorporation of The Bank of New York Mellon Corporation. | |||||||||||||
| 3.2 | Certificate of Amendment to The Bank of New York Mellon Corporation’s Restated Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on April 9, 2019. | |||||||||||||
| 3.3 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series A Noncumulative Preferred Stock, dated June 15, 2007. | |||||||||||||
| 3.4 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series F Noncumulative Perpetual Preferred Stock, dated July 29, 2016. | |||||||||||||
| 3.5 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series G Noncumulative Perpetual Preferred Stock, dated May 15, 2020. | |||||||||||||
| 3.6 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series H Noncumulative Perpetual Preferred Stock, dated Nov. 2, 2020. | |||||||||||||
| 3.7 | Certificate of Designations of The Bank of New York Mellon Corporation with respect to the Series I Noncumulative Perpetual Preferred Stock, dated Nov. 16, 2021. | |||||||||||||
| 3.8 | Amended and Restated By-Laws of The Bank of New York Mellon Corporation, as amended and restated on Aug. 8, 2023. | |||||||||||||
| 4.1 | None of the instruments defining the rights of holders of long-term debt of the Parent or any of its subsidiaries represented long-term debt in excess of 10% of the total assets of the Company as of June 30, 2024. The Company hereby agrees to furnish to the Commission, upon request, a copy of any such instrument. | N/A | ||||||||||||
Index to Exhibits (continued) | ||
| Exhibit | Description | Method of Filing | ||||||||||||
| 22.1 | Subsidiary Issuer of Guaranteed Securities. | |||||||||||||
| 31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||||
| 31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||||||||
| 32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||||
| 32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||||||||
| 101.INS | Inline XBRL Instance Document. | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith. | ||||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith. | ||||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith. | ||||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith. | ||||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith. | ||||||||||||
| 104 | The cover page of The Bank of New York Mellon Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in inline XBRL. | The cover page interactive data file is embedded within the inline XBRL document and included in Exhibit 101. | ||||||||||||
| THE BANK OF NEW YORK MELLON CORPORATION | |||||
| (Registrant) | |||||
| Date: August 2, 2024 | By: | /s/ Kurtis R. Kurimsky | |||||||||
| Kurtis R. Kurimsky | |||||||||||
| Corporate Controller | |||||||||||
| (Duly Authorized Officer and | |||||||||||
| Principal Accounting Officer of | |||||||||||
| the Registrant) | |||||||||||
| /s/ Robin Vince | |||||
| Name: Robin Vince | |||||
| Title: Chief Executive Officer | |||||
| /s/ Dermot McDonogh | |||||
| Name: Dermot McDonogh | |||||
| Title: Chief Financial Officer | |||||
| Dated: August 2, 2024 | /s/ Robin Vince | |||||||||||||
| Name: | Robin Vince | |||||||||||||
| Title: | Chief Executive Officer | |||||||||||||
| Dated: August 2, 2024 | /s/ Dermot McDonogh | |||||||||||||
| Name: | Dermot McDonogh | |||||||||||||
| Title: | Chief Financial Officer | |||||||||||||